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Bullish Copper Bets Drop as Once-Hot Market Cools


Speculative investors recently pushed bullish wagers on copper prices to their lowest level in more than a year, a sign that traders are worried that higher supply will cool down this year’s rally.

Net bets on higher copper prices by hedge funds and other speculators slid to 12,956 contracts during the week ended Aug. 24, the lowest level since June 2020 and down roughly 85% from the start of the year, Commodity Futures Trading Commission data show. The CFTC data measure futures and options, which are commonly used by professional investors to wager on price movements and by producers to hedge against volatility.

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