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BestYtTC1on Aug 05, 2013 2:29pm
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Chinese copper demand could catch short-sellers by surprise
Chinese copper demand could catch short-sellers by surprise https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/chinese-copper-demand-could-catch-short-sellers-by-surprise/article13593152/
Eric Onstad, Reuters
Published
Monday, Aug. 05 2013, 11:39 AM EDT
Gloom over weaker economic growth in China has led some investors to miss signs of robust underlying copper demand, which may wrong-foot those betting on a further slide in prices.
Benchmark prices in copper, viewed by many investors as a proxy for global economic health, hit the lowest levels in nearly three years at $6,602 a tonne in late June....
China’s apparent copper demand, after adjusting for changes in stocks, surged over 20 per cent in the second quarter, Barclays analyst Gayle Berry said.
“From a Chinese demand perspective, things are quite positive. Going into the third quarter. I think we’re going to get some strong numbers coming through for apparent consumption,” she said.
The latest U.S. data on Friday showed hedge funds and money managers nearly doubled their net shorts in copper futures and options in the week to July 30, the biggest increase in bearish bets since late February.
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