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.
Macro and micro drivers have both turned price-positive, with fund managers jumping back in on the long side, adding to the bull market.
- 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, has been lifted with a partial truce.
The partial truce agreed by Trump and Chinese President Xi Jinping lifts some of the macro weight.
Copper's demand prospects are brightening, while its supply challenges are accumulating.
Author's summary: Copper hits record high on LME.
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