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CTAs begin to de-risk Shanghai base metals as the copper rally pauses

CTAs begin to de-risk Shanghai base metals as the copper rally pauses

After rotating from energy into industrial metals in late May, CTAs began to trim elevated base-metal exposure on June 5, with selling concentrated in Shanghai-listed contracts. CTA positioning has reflected a broader cross-commodity rotation since H2 May. As...

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15 MAY 2026 Issue

1 MAY 2026 Issue