Long December 2025 Copper Future with Protective Put Spread

about 1 month ago

Patrick Ceresna

"Trade A is long the December 2025 copper future. This is paired with a protective November 4.5 to 4.25 bear put spread. This structure gives you unlimited upside in the reflation catch-up while materially softening the drawdown risk into November if the timing of the entry is proven early."

This trade call details a bullish position on high-grade copper in the context of a reflationary environment. The recommendation is to go long on December 2025 copper futures, hedged by a protective bear put spread set between 4.5 and 4.25, which aims to cap downside risk while preserving significant upside potential.