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COPPERUSJUL20 - HG Copper
HG Copper continues to challenge key resistance around the $2.50/lb. The general risk-on currently sending most asset classes higher and gold and Japanese yen lower, has together with the steady revival of copper-intensive activity in China and the weaker dollar been supporting the rally.
Hedge funds according to my weekly COT update have only just returned to a neutral position and they are likely to start rebuilding a long position on a break above the mentioned level. A level which coincides with a 20% recovery and with a break attracting media comments about copper having returned to a bull market.