I've never seen such an unhinged short position
A quick look at some interesting data in the metals complex
As they say, when everybody gets on one side of the canoe, you get went. Going back several years, managed money has been shorting this commodity into the hole. This has been a profitable position for them, but when does it unwind?
Like coal a few years back, I think we may have another case of premature bets on secular decline due to new technologies colliding with present reality and incorrect assumptions.