| Copper has been down for so long that some are saying the only way is up. A key signal in the market is starting to flash green, with bets that copper prices will continue to fall recently hitting a record high on the London Metal Exchange, though they’ve since started to fall back. For some, that suggests the red metal’s fortunes may be about to turn. At these levels, there’s simply no more stomach to bet against copper, they say.
“People have kind of run out of ammunition,” said Guy Wolf, global head of market analytics at Marex Spectron, a broker “There’s no more new money to come in.” According to Marex Spectron, there were 130,000 lots that were bets that copper would fall on Jan. 29. That was equivalent to 76% of all copper contracts registered with the London Metal Exchange, a record high, above even the bets made against copper during the global financial crisis of 2008, according Mr. Wolf...............................................Full Article: Source
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