Love the Dud, Snub the Stud: Hedge Funds Ding Peak Copper Bell - Managed money (#hedgefunds) are less long #copper than at 2024's peak, but this month's spike in the CME-traded future vs. the LME's has apex inklings. US tariffs seem unlikely to translate into diminishing global supply or increasing demand and higher prices. The disparity between #China #deflation and US risk-asset #inflation could be what matters. Full report on the Bloomberg terminal here: https://blinks.bloomberg.com/news/stories/srvls5t0afb4 {BI COMD} #commodities #metals #macroeconomics @BBGIntelligence