Copper: Get used to it

Consolidation after 12.4 percent year-end rally
Copper prices rallied sharply between December 6 and 28, reaching a fresh multi-year high of $7,312.50 per tonne, from the month’s low of $6,507.50 per tonne, a gain of 12.4 percent. Given there was a general strong move across the metals, copper’s price rally was not copper-specific. It appears that there was a surge of interest to increase exposure into the commodity sector ahead of the start of 2018. Higher prices, have since led to some weakness, however, with prices ending the first week of 2018 at $7,118 per tonne.

Funds increased exposure on the LME and Comex

The net long...