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"So Robertson observed that copper prices were continuing to climb, even though demand was not increasing and actually might have started to decrease. Then the hammer dropped when a major copper trader dumped his position, driving prices down to about $0.87 per pound by late 1996."
Tiger Fund initiated and then increased a short position on copper based on a clear supply-demand disconnect. Despite initial price rises, fundamental inventory data and on-the-ground checks indicated an eventual correction. The trade produced $300 million in a single day and serves as a classic example of exploiting mispricing in commodity markets.
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