This translation has been automatically generated and has not been verified for accuracy.This was hardly surprising given the turmoil unfolding in the broader financial universe.
Funds then either left the base metals space or positioned themselves on the short side, fearing a derailment of China’s expected manufacturing revival.So too does the metal’s demand dependence on China’s giant manufacturing sector. Money manager net positioning on the CME’s high-grade copper contract turned net long at the end of December and remained so until the end of January, when news of the coronavirus first started grabbing the headlines.
Zinc’s sharp Monday bounce suggests that funds may have reached short capacity even in this out-of-favor market. Travel restrictions are gradually being relaxed and the country’s factories are slowing grinding back into activity. As JP Morgan points out, even if every copper consumer in Europe and North America were to reduce operating rates by 40% for the next three weeks, the hit on copper demand would be just 140,000 tonnes, or a quarter the expected hit to China over the first quarter.That’s not to say copper and the other base metals couldn’t tumble further in price.
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