May 2012 | Base Metals
Testing $7,500/tonne: Copper - Market Analysis
The $7,500/tonne level has held so far and prices have attempted to rally, but pent-up buying has been limited. Further weakness looks likely while the Greek and Spanish problems remain in the spotlight and while the market continues to worry about China’s soft patch. Prices are increasingly tracking our low case scenario. Though we would not rule out upside surprises, especially later in the year, our base case forecasts are now on negative watch.
Market has turned bearish on copper
CFTC data on speculative positioning in the Comex copper market, showed that outright shorts reached yet another record high, having risen 10% in the week to May 22, which itself followed a 16% rise the previous week and a 5% gain the week before that. They now stand at 50,282 contracts, double the average of...
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