Copper Net Speculative Positioning in 2015
Copper Net Speculative Positioning opened 2015 at -41,265 and closed at -30,106, a +27.04% move for the year. The high of 9,341 was reached on May 19, and the low of -41,984 on February 10.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -41,265 | -40,662 | -35,823 | -41,265 | +1.46% |
| Feb | -40,298 | -30,303 | -30,303 | -41,984 | +24.80% |
| Mar | -22,811 | -4,154 | -4,154 | -22,811 | +81.79% |
| Apr | -4,996 | -16,083 | -4,996 | -16,083 | -221.92% |
| May | -452 | 1,624 | 9,341 | -452 | +459.29% |
| Jun | -8,744 | -21,807 | -8,744 | -23,639 | -149.39% |
| Jul | -25,429 | -24,454 | -20,758 | -25,429 | +3.83% |
| Aug | -32,330 | -23,325 | -23,325 | -33,759 | +27.85% |
| Sep | -20,390 | -17,006 | -4,041 | -20,390 | +16.60% |
| Oct | -11,548 | -849 | -849 | -11,548 | +92.65% |
| Nov | -11,778 | -33,766 | -11,778 | -33,766 | -186.69% |
| Dec | -34,253 | -30,106 | -30,106 | -34,253 | +12.11% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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