Bullish Bets On Copper Continue To Drop

Bullish Bets On Copper Continue To Drop

Speculative investors are losing interest in copper, as net bullish bets have declined for the fourth straight week in the week ended Tuesday. Bullish bets cross over bearish bets by 52,449 contracts, a sharp drop from when net bullish bets were at an all-time high at the end of January. Copper prices jumped at the beginning of the year as mine strikes threatened global supply and Chinese demand looked set to grow. However, the eagerness has been dampened by signs of high copper supply and some doubts over whether China will continue to consume the metal at a stable pace. Copper futures closed at a two-week high, at $2.6915 a pound on the Comex division of the New York Mercantile Exchange & 390.8 in MCX.

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