The copper market remains decidedly out of favor among the investment community with fund positioning extremely light by historical standards.
This time last year, when copper was trending strongly higher, the collective bull positioning stood at 76,449 contracts. The record high was set in 2017 at 125,376 contracts. Activity on the LME’s copper contract shrank by 7.0% last year, making it the second poorest performer among the London market’s core base metals suite.
The big picture was of falling copper volumes across the board in the second half of 2021. In December, average daily volumes were down 16% year-on-year on the LME, 25% on the CME and 44% on the ShFE.
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