Rokos Capital Management and Andurand Capital Management have been prominent among hedge funds piling into the copper market, with bold bets on dramatically higher prices that have already delivered early wins.
Copper surged to a record above $11,100 a ton last month, driven by a wave of speculative money that many in the industry warned was running ahead of market realities. Futures have since dropped 10% from the peak. But Rokos and Andurand, which have attracted attention with their sizable positions going into the rally, are betting on much sharper gains to come.