Reuters – It was a long wait, but the world’s most renowned metals traders Michael Farmer and David Lilley are finally profiting from a big, bearish bet on copper, trouncing rival hedge funds with a nearly 50 percent gain this year.
The $1 billion Red Kite Metals fund has returned close to 20 percent for each of the past two months as copper prices fall to their lowest in a year, industry sources familiar with the fund’s positions told Reuters. That would comfortably rank it among the best-performing commodity funds this year.
