Chart of the day: Copper sentiment sinks to new low

Copper has endured its biggest two-week fall since 2011, according to the proprietary Marex Spectron Global Copper Sentiment Index that pulls together exclusive trading signals from exchanges in London, New York and Shanghai. Sentiment is now at its lowest ebb since April, with an interesting divergence now emerging as London traders have become significantly more bearish than their counterparts in Shanghai - a reversal of the positioning earlier this year. "While [London] trader sentiment is at the same depressed levels of the March low, Shanghai traders have remained relatively optimistic," notes Guy Wolf, head of market analytics at Marex Spectron. "Recently Asian copper has assumed more of a leading rather than lagging role, so the next few weeks will be critical to see if Shanghai optimism is justified."