US copper futures continue to stage a short market, speculative long funds up to 25 billion dollars

Gold 10 Futures, May 20, the US copper futures market that has shaken the international market continues. Last week, the price of copper futures on the New York Mercantile Exchange (COMEX) soared to a record high. The main July contract closed at $11,200 a ton on Friday, up more than 9% in a single week. According to a research report by Citigroup, copper futures on COMEX and the London Metal Exchange (LME) have attracted speculative long funds of up to $25 billion (about RMB 180 billion). Centaline Futures said, "Market contradictions will continue, < b > unless the bears take the initiative to admit defeat and leave the market or trade all policy interventions, COMEX copper prices will continue to be strong ." China International Capital Corporation believes that < b > there may be a risk of a correction in copper prices after the short-term speculative sentiment falls. But in the long run, the upward trend of copper prices remains unchanged . From a fundamental perspective, the contradiction that the tight supply of copper mines forces smelters to passively reduce production is still being interpreted. Until this contradiction is resolved, as long as the demand expectations of the global manufacturing and new energy industries are positive, the upward trend of copper prices will remain unchanged.