A near-term issue for copper is the ability of the Trump Administration to get its ambitious infrastructure efforts off the ground, something many market observers believe will not happen until next year. Additionally, if that effort does not approach the $1 trillion in expenditures promised by the president on the campaign trail, markets could be disappointed.
“Short dollar, long metals, long gold, and long rates have been persistent trends in 2017, but all suffered a violent reversal at the same time around September 8th. CFTC data reveals that speculator positioning in copper, gold, Euro, and Canadian dollar FX futures was stretched,” Pravit Chintawongvanich of Macro Risk Advisors wrote in a note, according to CNBC.
JJC has seen third-quarter inflows of $3 million.
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