Copper short squeeze in NY prompts rush to send metal to US

From Mining.com

Copper futures in New York surged as much as 5.5%, driven by a short squeeze that saw the most-liquid contract trade at a huge premium to other market benchmarks.

Comex copper for July delivery jumped to an intraday high of $5.026 a pound on Tuesday, within a whisker of the record high of $5.0395 set in March 2022.

“Short spread & futures holders are being squeezed,” said Michael Cuoco, head of hedge fund sales for metals and bulk materials at StoneX Group.