Copper

CFTC shows that specs are heavily short. I wonder if this recent rally is for real, or merely some weak shorts getting out. This Bloomberg article quotes GFMS saying that Cu price will average $3000 this year. That's $1.36 per pound. I'm short from 1.60 to 1.40, stop at 220.

I must be more careful in the future going big into an already heavily crowded spec position. I got hurt last week with the USDJPY short unwind, and I'm getting hurt now with copper. In both instances I joined then the trade when the specs were in record short positions.