Hedge Funds Most Bearish Ever on Copper, Favor Gold: Commodities – Bloomberg 03-25-13

Salient to Investors:

Hedge funds are making the biggest bet against copper on record as global inventories expand to a 9-year high, while concern that Europe’s debt crisis will spread spurred the biggest gain in gold bets since 2008.

Jack Ablin at BMO Private Bank cites unprecedented stockpiles of copper and other metals amid tepid demand and slow global growth.

Walter ‘Bucky’ Hellwig at BB&T Wealth Mgmt said copper flows show there are still doubts about global growth.

Rachel Zhang at Morgan Stanley said sales of air conditioners and orders for electrical equipment suggest improving demand in China.

Cameron Brandt at EPFR Global said investors withdrew a net $929 million from commodity funds last week, and  $978 million from gold and precious metals.

Gold investors increased their bullish bets by the most since September 2008.

Read the full article at http://www.bloomberg.com/news/2013-03-24/hedge-funds-most-bearish-ever-on-copper-favor-gold-commodities.html

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