Funds stampede into copper as price breaks higher

From Mining.com

Fund managers have rushed to buy copper after the price broke up out of its one-year trading range earlier this month.

Activity has surged on all three global exchanges with money managers lifting bullish bets on both the London Metal Exchange (LME) and the CME copper contracts. Market open interest on the Shanghai Futures Exchange (ShFE) has jumped to life-of-contract highs.

Much of the investment community had stayed away from copper’s sideways churn over the last year but funds are now clearly re-entering on the long side after LME three-month metal leapt to an 11-month high of $9,164.50 per metric ton on March 18.