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SHANGHAI] Previously linked to short trades causing dramatic falls in metals such as copper, Chinese funds have cut their overall exposure to industrial commodities, seeing little prospect of momentum either way to pounce on, industry sources say.
Zhejiang Dunhe Investment Co Ltd, which according to traders manages more than 10 billion yuan (US$1.61 billion), had virtually suspended trading in metals since early July, said a source familiar with the fund.
A senior official at the fund said trading commodities was"difficult now", but declined further comment.
"Investors have lost confidence in the stock market, but commodities are even more difficult to get high returns," said Li Wenjing, an analyst with Industrial Futures in Shanghai. "With prices already too low, investors taking more short positions may lose money, while prices are not expected to rebound for longs."
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