Copper hit its highest level in almost two months yesterday as the US dollar weakened and hedge funds and speculators slashed their bets on lower prices.
Data from the London Metal Exchange showed money managers had reduced their short position in copper to just over 86,600 lots on Friday, down from 107,600 lots a week before.
The report came after figures published late on Friday showed a reduction in the record short copper position on Comex, the US futures exchange.
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