LME market participants still concerned hedge funds might be changing their risk profile on commodities after last week's sharp copper, zinc sell-off in response to possible hedge fund redemptions, says NAB economist Gerard Burg. Eyes metal prices aligning more closely with fundamentals going forward, strengthening prices after Lunar New Year. "The downside for zinc was overdone and it was caught in a speculative bubble. Fundamentals are still tight." LME 3-month copper at $5,405/ton, down $10, zinc at $3,100, down $15.
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