Hedge funds and other money managers are increasing their bets against copper, according to U.S. data, amplifying pressure on prices following allegations of fraudulent metal-backed financing in China.
The wagers are likely to further weigh on the outlook for one of the world’s most heavily traded metals, as the effects of an official probe on stockpiles in the eastern Chinese port of Qingdao continue to ripple across global markets. The port’s operator has confirmed that Chinese authorities are investigating allegations of fraud relating to stockpiles of metals, though the government hasn’t commented publicly.
Data from the U.S. Commodity Futures Trading Commission issued Friday showed hedge funds, institutional investors and other large speculators increased their short positions in New York copper futures and options in the week ending Tuesday to 29,063 contracts, compared with 25,734 a week earlier and 21,802 three weeks ago. The CFTC publishes such data on a weekly basis.
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