Sonny McNess, a seasoned metals trader known for his aggressive aluminum bets, has made a significant return to the commodities market with a new focus on copper. After leaving Mercuria Energy Group earlier this year, McNess is now leading metals derivatives trading at Hartree Partners LP. Over recent weeks, he has accumulated large volumes of October-delivery copper contracts on the London Metal Exchange while simultaneously taking a short position in November futures.
The strategy suggests a bet on near-term price movements in copper, a key industrial metal. McNess's past experience includes high-profile trades in aluminum, making his return to the market noteworthy. His current play involves a complex positioning that could benefit from shifts in copper prices between the two delivery months.
While details of the exact volumes and financial stakes remain undisclosed, the move underscores McNess's continued influence in the commodities trading space. The London Metal Exchange, a major hub for metal futures, will be closely watching how this trade unfolds.