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WTF Copper

I'm sure you don't mind me asking, but WTF just happened to the price of copper?

A couple of days ago, reports were going round of a large player in Shanghai's SHFE bailing on a $900m long futures position in copper. That's what last week's weakness was blamed on and I for one breathed a small sigh of relief.

Which was clearly premature.

UPDATE: Ah right, another U$200Bn of tariffs for China. That might explain the knee-jerk.