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- Reuters SG
UPDATE 2-Trafigura, IXM caught in COMEX copper short squeeze as prices hit record
Commodity traders Trafigura and IXM are looking to buy physical copper to deliver against large short positions on U.S. exchange CME where copper prices soared to record highs on Wednesday, five sources with direct knowledge of the matter said. A short squeeze occurs when parties holding such positions are forced to buy them back at a loss or deliver physical copper to close them out. Copper prices on COMEX, part of the CME Group, hit a record peak of $5.1775 a lb or $11,414 a metric ton on Wednesday, a gain of 28% so far this year and 14% over the last week.
- Reuters SG
Trafigura, IXM caught in Comex copper short squeeze as prices hit record
Commodity traders Trafigura and IXM are seeking physical copper to cover large bearish positions on the CME exchange, where U.S. copper futures surged to record highs on Wednesday, five sources with direct knowledge of the situation said. A short squeeze occurred as parties who bet on lower prices were forced to either buy back their positions at a loss or deliver physical copper to close them out. U.S. Comex copper May futures hit a record peak of $5.18 a lb and was last trading down 0.6% at $4.93 at 1443 GMT, gaining 28% so far this year and 14% in the last week.
