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ING’s Warren Patterson and Ewa Manthey highlight that speculative net long positions in LME Copper increased notably in the latest COTR data, supported by tight supply and low inventories. They note broader sentiment has improved, while positioning changes in Aluminium and Zinc were more modest, with only small increases in net long exposure among money managers.
LME positioning reflects tighter fundamentals
“The latest COTR report shows that the speculative net long position in LME copper increased by 12,668 lots to 60,771 lots in the week ending 24 July.”
“The move was driven by increased participation from both long and short positions.”
“Positioning changes in other base metals were more modest, with money managers increasing their net long in LME aluminium by just 96 lots to 59,264 lots, while the net long in zinc increased by 4,107 lots to 39,736 lots.”
“Tight supply conditions and low inventories lifted broader market sentiment.”
