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A Sept '26 15,500–17,000 call spread totaling 5,500 lots traded via an LME broker…

2026-05-13 · 13:35 UTC ·@robert_ivanhoe ·0 min read

Brief

Robert Friedland reports a Sept 2026 15,500–17,000 call spread of 5,500 lots traded through an LME broker on 13 May 2026 for about $22 million in premium. He interprets the block as institutional conviction — 'extremely bullish' and confirmation of a copper supercycle — and highlights Ivanhoe Mines' Kamoa‑Kakula operation.

Why it matters

A Sept '26 15,500–17,000 call spread totaling 5,500 lots traded via an LME broker on 2026-05-13 for roughly $22 million in premium.

Key details

  • Robert Friedland calls the block 'extremely bullish' and 'expensive confirmation' of a copper supercycle, characterizing it as institutional conviction that copper will rise by late 2026 and linking the signal to Ivanhoe Mines' Kamoa-Kakula copper complex.
Source evidence

Another 5,000 lots of that Sept call spread (buying $15,500/t call options and selling $17,000/t call options) went through an LME broker earlier today… Extremely bullish

Robert Friedland (@robert_ivanhoe)

Big money just spoke loud and clear on the LME.

A monster Sept ’26 15,500–17,000 call spread traded in 5,500 lots for roughly $22 million in premium.

That’s not retail noise, that’s institutional conviction betting copper is heading significantly higher by late 2026.

The supercycle thesis just got expensive confirmation.

At @IvanhoeMines_ we’re proud to be one of the world’s largest and highest-grade copper producers, with the Kamoa-Kakula copper complex powering our energy future.

— https://nitter.net/robert_ivanhoe/status/2053852777110020435#m