Burry Bets Big on Copper Amid Supply Concerns
Michael Burry, an American investor who rose to fame after correctly predicting the 2008 housing financial crisis, is now betting on copper. He disclosed his fresh positions in copper contracts while highlighting that he is ignoring the hype around AI. 'The house party is packed, pushing AI higher today, but I am largely ignoring the “woo-hoos”. I am out in the backyard with my flashlight, seeking,'
Burry acknowledged that part of copper's rally reflected a temporary supply lull and cited Apollo Chief Economist Torsten Slok while saying that major copper discoveries have fallen from double-digit annual totals in the 1990s and 2000s to one or two in recent years. Burry's indirect AI bet is Ero Copper, a Brazil-focused copper and gold producer on which he disclosed a long position.
Copper prices on the London Metal Exchange (LME) have jumped 18% so far this year, mostly due to large flows of metals to the US on speculation about tariffs on refined copper. Traders are waiting for any announcement after US President Donald Trump’s meeting with Chinese President Xi Jinping this week for signals on trade ties and global economic outlook.