18 February 2025: Data on LME COTR speculative positions (for the week ending 14 February) were released this afternoon. The data shows that net positions increased for aluminium, copper, tin and zinc, but fell for lead and nickel. For tin, fresh longs dominated, while copper and zinc saw significant short covering.
The data also shows that copper and tin look overbought at more than 70% of the historical five-year range (see Table 2). By contrast, lead and nickel look oversold, with positions in the bottom 20% of the 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/.
