CTA · Core
Metals CTA
Gold, silver, copper, and sometimes aluminum, zinc, nickel — a mix of monetary metals and industrial cycle metals.
Definition
Precious (Au, Ag) often trade with real rates and the dollar; industrials (Cu, Al) with China and global PMIs. LME vs CME microstructure differs (nickel 2022). Trend on gold is a rates/dollar trade in costume some years.
Why it matters
Copper is a popular ‘growth’ future inside diversified CTAs. A metals specialist also runs the curve and the arb between venues.
Case
LME nickel 2022: cancelled trades and a broken venue. A systematic metals book that assumed continuous markets learned a legal-basis risk.
How to read it
Venue (COMEX vs LME), nickel/lithium inclusion, and gold’s weight vs real-rate beta. Ask how they treat a halt.
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