LME Copper Hits Record Highs
Copper has reached an all-time nominal high of $11,200 per metric ton on the London Metal Exchange, driven by both macro and micro drivers turning price-positive.
Fund managers have jumped back in on the long side, adding financial potency 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, had previously weighed on copper prices. However, the partial truce agreed by US President Donald Trump and Chinese President Xi Jinping has lifted some of the macro uncertainty.
The partial truce lifts some of the macro weight.
While copper's demand prospects are improving, its supply challenges are accumulating.
Author's summary: Copper prices soar to record highs.
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