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Copper Traders Get Reprieve as Historic New York Squeeze Eases

Copper Traders Get Reprieve as Historic New York Squeeze Eases
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Focus: Copper s record run at risk as US shipments calm speculator frenzy – by Eric Onstad and Julian Luk (Reuters – May 20, 2024) – Republic of Mining

Focus: Copper s record run at risk as US shipments calm speculator frenzy – by Eric Onstad and Julian Luk (Reuters – May 20, 2024) – Republic of Mining
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Copper s record run at risk as US shipments calm speculator frenzy - Mining Engineering Online

Copper s record run at risk as US shipments calm speculator frenzy

Copper's lightning rally to record highs may not be sustainable in the coming weeks, with action concentrated on the shipment of material to cover exposed short positions in the U.S. Comex futures market rather than tepid demand in top consumer China. Prices on the CME Group's Comex hit a record last week, while benchmark copper on the London Metal Exchange (LME) rocketed on Monday to an all-time peak of $11,104.50 a metric ton, having surged 28% so far this year.

Copper s Record Run at Risk as US Shipments Calm Speculator Frenzy

Copper s Record Run at Risk as US Shipments Calm Speculator Frenzy
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