"Hedge funds are making the biggest bet against copper on record as global inventories expand to a nine-year high, while concern that Europe's debt crisis will spread spurred the biggest gain in gold bets since 2008," Bloomberg said.
It said: "Speculators raised net-short positions in U.S. copper futures and options by 53% to 25,719 contracts in the week ended March 19, according to Commodity Futures Trading Commission data that begins in 2006. A jump in bullish bets on corn, gold and natural gas boosted overall holdings across 18 raw materials for a second consecutive week."
It added: "Copper prices are heading for a second consecutive monthly loss in what would be the longest slump since the end of 2011. Stockpiles monitored by exchanges in London, Shanghai and New York stand at about 873,000 metric tons, or almost five months of North American demand, and Barclays Plc is forecasting a second annual surplus. Gold climbed for three weeks, the longest rally in six months, amid turmoil over Cyprus's efforts to win a bailout to avert its financial collapse."
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
