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View all search resultsSky's the limit for investors seeking some copper action
Investors seem wary of over-committing to the futures contract, but the options landscape paints a very different picture.
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A worker sorts copper production at El Teniente mine, the world's largest underground copper mine in Machali, near Rancagua, Chile on April 2, 2025. (AFP/Raul Bravo)
The speculative fever that drove copper prices to record highs in January has abated but is still simmering away.
Investors, both institutional and retail, continue to be drawn by copper's strategic exposure to both energy transition and artificial intelligence megatrends.
Funds are building long positions again on the CME's flagship copper contract and retail investors remain highly active on the exchange's smaller products.
The threat of United States import tariffs on refined copper has lifted the CME price above levels on the London Metal Exchange (LME) and reinforced copper's critical mineral credentials, adding more fuel to the smouldering speculative fire.
Funds are also net long of the LME copper contract, but the true gauge of bulls' great expectations is the LME options market.
Money managers trimmed CME long positions during the copper price pullback in March but were quick to get back in on the subsequent bounce.
Collective net long positioning jumped from a March low of 35,802 contracts to 77,131 at the start of June, the highest level of bull commitment since early 2021.
