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Copper’s early-year rally leaves investors unimpressed

ByVictoria

The London Metal Exchange three-month price has risen every day in January and is now up 4.0% from the start of the month, making copper the early outperformer of the LME base metals pack.

Dwindling stocks and China’s rising import appetite have rekindled optimism that the country is finally turning an economic corner.

Fund managers are unconvinced, with investors’ long positions only marginally ahead of bearish bets on both the CME and LME copper contracts.

The Yangshan copper premium , a closely-watched gauge of China’s import demand, is currently at a one-year high of $75 per ton, indicating China is still hungry for metal.

Source – Reuters

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    Spot gold gained 0.5% to $2,946.68 an ounce, as of 1131 GMT

    “Gold continues to be supported by the prospect of a tariff-driven economic slowdown, potentially bringing forward U.S. Fed rate cut expectations,” Ole Hansen, head of commodity strategy at Saxo Bank, said.

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