CO COPPER Copper Futures reference: HG=F Nearby futures · USD/pound · contract rolls may affect the chart Loading... : Investor Sentiment and Bull/Bear Views

Copper speculative positioning hit the 100th percentile in September-October. It has since reset to roughly the 20th percentile on a one-year lookback without a price breakdown, so the flow risk is lower than a month ago. Even so, the chart looks like a classic top with repeated failed attempts at the highs. Because data-center copper demand was part of the AI basket, the AI sell-off may shake out remaining speculative longs. He says copper has rolled over and he is concerned.

Renames the red metal the "Ugly metal" and discloses Factor LLC is short $HG_F, indicating a current bearish copper-futures stance without a stated catalyst.

Snider says copper's record-high prices come from a non-fundamental factor: tariff-driven stockpiling has left roughly 70% of the world's accessible above-ground inventory in the US, squeezing supply elsewhere. The price is not driven by a commodity super cycle, AI or data center demand, electrification, or debasement. Chilean supply disappointment is real, but he thinks the near- and intermediate-term outlook looks like silver's. If the Trump administration announces there will be no copper tariff, he expects prices to plunge. He adds that the copper-to-gold ratio's bounce is not a confirmed reflation signal, because Chinese bond yields keep hitting record lows.