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Money managers have closed out more than $20 billion in bullish copper bets since mid-May, with mounting worries about Chinese demand helping to spark a rapid exodus from one of the most important industrial commodities.
The reversal comes as investors’ high-conviction bets on the bright long-term outlook for usage in data centers, renewables and electric vehicles has been tested by a historic bout of demand weakness in China. “The market was clearly totally overbought in May, and probably momentum-based AI derivative trades were a part of the story,” said Daniel Major, a metals and mining analyst at UBS Group AG. “Have we seen the majority of the froth associated with that come out of the market? Yes, I think we probably have.”
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