Copper prices are experiencing significant fluctuations, with a notable decline in recent days. Despite bullish bets from hedge funds like Andurand and Rokos, copper prices have dropped to a five-week low of $4.51. The 3-Month LME Copper has extended its decline to 3%. Trafigura has noted that prices of non-ferrous metals, particularly copper, have moved higher than fundamentals in the physical spot market might justify. Shanghai Futures Exchange warehouses have seen copper stockpiles rise to their highest level in over four years, contributing to the price drop. Meanwhile, other metals such as gold and silver have shown gains, with silver futures rising by 2.6% and gold consolidating its recent gains.
Copper bets continue to increase pushing price to record high ๐ https://t.co/84MWcJUshI
Bloomberg: Investors Make Record Bets on Higher Copper Prices https://t.co/EGPVbAIOlv
Copper $4.51 - that's a 5-week low https://t.co/m4uyaSN68P
3-Month LME #Copper extends decline to 3% https://t.co/5uGAa9fI9g
Hedge funds Andurand and Rokos made bold bets on dramatically higher copper prices that have already delivered early wins, and they're betting on much sharper gains to come https://t.co/ogKmYv6BLY
๐ ๐จ๐ณ #Copper prices headed for a third weekly drop as stockpiles held in Shanghai Futures Exchange warehouses rose to the highest in more than four years - Bloomberg https://t.co/Lk4ii8OXak
#China SHFE warehouse changes (weekly update): #Copper +15,269t (+4.75%)๐ #Aluminum +8,797t (+4.04%)๐ #Zinc -1,988t (-1.54%) #Lead +4,157t (+6.95%)๐ #Nickel +178t (+0.70%) #Tin -1,324t (-7.51%)๐ #Rubber +45t (+0.02%) https://t.co/hTaAHZFB7V
The real reason for copper's record-shattering rally, according to one trading firm https://t.co/aK7IDeIfTK
Silver futures into highs here now +2.6%.. wreally like how metals held the 21 day MA test this week.. Gold more choppy but really just consolidating big gains. Copper can bounce off this 55 day MA too
Copper bull Trafigura changes tune: "Prices of non-ferrous metals have moved much higher than fundamentals in the physical spot market might indicate or justify, especially for copper." ICYMI My @Opinion column on copper, published May 20th, is below https://t.co/RRW82DBPMV
โก#China's #lithium carbonate futures opened up by 0.3% on Thursday after dropping to the key 100,000 yuan mark yesterday. Shanghai #silver rises 1.9%, and #gold is up 1.4%. #Copper +0.7%, #aluminum +0.3%. #Nickel -1.3%, #tin -0.3%, #zinc -0.02%. INE crude oil rises 1.4%. #OOTTโฆ https://t.co/wrE9LbJyW1