LME Copper Hits Record Highs
Copper has reached a new all-time nominal high of $11,200 per metric ton on the London Metal Exchange.
Both macro and micro drivers have turned price-positive, with fund managers increasing their long positions, adding to the bullish trend.
- Investment fund long positioning on the LME copper contract has risen to levels last seen in March.
- The threat of a trade war between the US and China, the world's largest copper consumer, had previously negatively impacted copper prices.
The partial truce agreed by US President Donald Trump and Chinese President Xi Jinping lifts some of the macro weight.
Copper's demand prospects are improving, while its supply challenges are accumulating.
Author's summary: Copper reaches new highs.