The short squeeze triggered a rush to ship copper to the United States, and New York futures prices for July delivery hit a record high.

Copper prices hit a record high in New York after a short squeeze prompted traders to scramble to ship copper from other regions to the United States.

Copper prices hit a record high in New York after a short squeeze prompted traders to scramble to ship copper from other regions to the United States.
After a sudden surge this week. After soaring more than 7%, the premium of the copper futures contract for July delivery on the New York Mercantile Exchange (Comex) over the later delivery contract reached a record high. The price level relative to other commodity exchanges around the world is also at an unprecedented level. High position.
Michael Cuoco, head of metals and bulk materials hedge fund sales at StoneX Group, said holders of short spreads and futures contracts were squeezed.
The surge was almost entirely concentrated in Comex\’s most actively traded July contract.
Comex copper for July delivery rose 4.2% on Wednesday to $5.0855 per pound. It exceeded the previous high hit by the most active contract in March 2022.
The new high for Comex copper futures is equivalent to $11.212 per ton. It is more than $1,000 higher than the latest benchmark price on the London Metal Exchange (LME), which also hit a two-year high.
Jia of Soochow Jiuying said that part of the reason for the surge in the July contract was that traders engaged in so-called reverse arbitrage transactions were forced into positions.

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