February 2019 | Base Metals
Base metals investment analysis: How long might fund short-covering continue?
We had not expected funds trading the base metals to get too bullish too soon this year because of the macro risks still overhanging the outlook. So the January-February activity that appears quite positive may be more of an adjustment excessively bearish positioning in December. Once adjusted, fund managers may sit on the side lines for a while waiting for the outlook to be de-risked before taking a more bullish stance.
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