Funds stampede into copper as price breaks higher
LONDON, March 26 (Reuters) - Fund managers have rushed to buy copper after the price broke up out of its one-year trading range earlier this month.
Activity has surged on all three global exchanges with money managers lifting bullish bets on both the London Metal Exchange (LME) and the CME (CME.O), opens new tab copper contracts. Market open interest on the Shanghai Futures Exchange (ShFE) has jumped to life-of-contract highs.
Much of the investment community had stayed away from copper's sideways churn over the last year but funds are now clearly re-entering on the long side after LME three-month metal leapt to an 11-month high of $9,164.50 per metric ton on March 18.
A fresh technical picture and signs of supply stress have served to rekindle copper's bullish flames. However, they could yet be doused if the market can't hold its recent gains.
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Funds stampede into copper as price breaks higher LONDON, March...
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