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macroJun 23, 2026, 2:08 PM

TD Securities: Copper Sees CTA Selling as Demand Risks Outweigh Supply Worries

TD Securities notes that copper is experiencing large CTA selling as the market shifts focus from Strait of Hormuz supply risks to macro and demand-side concerns.

TD Securities' commodity team reports that copper is facing significant selling pressure from Commodity Trading Advisors (CTAs). Analysts observe that market attention has moved away from potential supply disruptions via the Strait of Hormuz, instead concentrating on broader macroeconomic factors and demand risks.

The shift in focus suggests traders are pricing in weakening demand prospects for the red metal, which could weigh on prices in the near term. The note highlights the tension between tariff support measures and underlying demand uncertainty.

Source: FXStreet Forex News