26 November 2024: Data on LME COTR speculative positions (for the week ending 22 November) were released this afternoon. The data showed that net positions fell for all the base metals for the second week in a row, although the fall slowed compared to the previous week and fresh longs were seen for both lead and zinc.
The data showed that aluminium, copper and zinc were neither overbought nor oversold, with net speculation close to the middle of the historical range. By contrast, lead, nickel and tin looked oversold, with positions in the bottom third of the five-year range, showing limited scope for further speculative selling.
We explained in our research piece that we use the trend in the categories “Investment Funds” and “Other Financial Institutions” combined for this report, because this total has a close correlation with LME price trends. The report can be found here: https://amt.co.uk/amt-insight-lme-cotr-follow-the-money/.
