Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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February 2019 | Base Metals

Base metals investment analysis: Plenty of fund short-covering, but where are the longs?

LME COT data has been showing that rising prices this year have mostly been driven by short covering – bears becoming less bearish. In order for price gains to be sustainable, we would want to see fund long-position building taking over from short-covering as the main theme. This would suggest bulls becoming more bullish. But the macro backdrop would need to be further de-risked first.


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