Speculators in the copper market, viewed as an indicator of the health of the economy, are betting a global downturn means the metal used in power and construction has further to fall, despite its recent rebound.
“Funds have been building up short positions in anticipation of recession,” said Ole Hansen, head of the commodity strategy at Saxo Bank in Copenhagen. Some investors have been buying put options, giving the holder the right to sell copper at a specific price at a fixed date in the future. Some of those levels correspond to marginal production costs that investors often use to gauge how far metals prices could fall in a bearish scenario.
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