Trader Known for Massive Aluminium Bets Returns With Major Copper Wager
London, October 21, 2026: Veteran metals trader Sonny McNess, known for making substantial bets in the aluminium market, has returned to the spotlight with a major trading position in copper, highlighting growing uncertainty in global industrial metals markets.
According to a Bloomberg report published on October 21, McNess, a senior metals derivatives trader at Hartree Partners LP, has reportedly bought large volumes of October copper futures contracts on the London Metal Exchange (LME) while simultaneously selling November contracts. The strategy seeks to profit from a widening price difference between contracts with different delivery dates.
The move comes amid concerns that potential US tariffs on refined copper could alter trade flows, tighten nearby supplies and increase the premium for metal available for immediate delivery.
Betting on a Short-Term Copper Supply Squeeze
McNess’s strategy focuses on the price spread between October and November copper contracts rather than simply betting that copper prices will rise across the board.
By purchasing the October contract and selling the November contract, the trader is positioning for October copper to become more expensive relative to November copper. This type of transaction is commonly known as a calendar-spread trade.
Market reports indicate that the October contract’s premium over November copper reached approximately $91.99 per tonne at one point, reflecting heightened demand for near-term metal and expectations of potential supply tightness.
However, the strategy carries risks. If immediate supply concerns ease or the expected tariff-related disruption fails to materialise, the price spread could narrow and the trade could generate losses.
US Tariff Uncertainty Shapes the Copper Market
Copper has become increasingly important to policymakers and industrial buyers because it is essential for electricity networks, renewable energy systems, electric vehicles, data centres and advanced manufacturing.
The possibility of US tariffs on refined copper has encouraged traders to reassess where metal will be delivered and stored. Anticipation of trade restrictions can prompt buyers to move supplies into the United States ahead of policy changes, potentially affecting inventories and prices in other markets.
Such movements can create temporary price differences between exchanges and between contracts for different delivery periods.
The resulting market conditions offer opportunities for experienced commodity traders, but they also increase volatility and make price movements more sensitive to policy announcements, inventory changes and shipping disruptions.