14 January 2025: Data on LME COTR speculative positions (for the week ending 10 January) were released this afternoon. The data shows that net positions rose for aluminium, copper, nickel and tin, helped by fresh longs. By contrast, there was a fall for lead and zinc.
The data also shows that aluminium, copper and zinc were neither overbought nor oversold, with net speculation close to the middle of the historical range (see Table 2). By contrast, lead and nickel were very oversold, with positions in the bottom 10% of the five-year range, showing limited scope for further speculative selling.
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 is here: https://amt.co.uk/amt-insight-lme-cotr-follow-the-money/.
