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MTECHTIPS:-MCX Copper Declines As Chinese Currency Devalution Takes the Toll

MTECHTIPS:-MCX Copper Declines As Chinese Currency Devalution Takes the Toll

The speculation in relation to Chinese currency devaluation is not letting traders sleep. The opportunities kept on emerging in Copper and the metal was sold during most of the day. Copper ended the day at Rs 334.50 on 24 August 2015 against 337.75 per kg on 21 Aug 2015. Intimidated by global selling pressure on commodities Copper opened sharply lower. The gap down opening even saw copper dragging to Rs 328.40 per kg. COMEX Copper prices are already at six year lows. The COT report for period ending 18 August 2015 was released last week. The last week report showed that the activities of Merchants were in favor of decrease in long and increase in short positions. In case of Managed Money holders Copper long positions increased while Short positions declined. The long positions of Merchants were 35685 on 18 August 2015 against 39501 on 11 August 2015, down 3816, while short positions increased by 424 to 44919 on 18 August 2015 against 44495 on 11 August 2015. Overall the net positions in case of merchants are favoring shorts by 9234. Commitment of Traders showed that the long positions of Money Managers increased by 388. The total long position of Copper for the one week period ending 18 August 2015 was 34655 on 18 August 2015 against 34267 on 11 August 2015. Money managers short positions of Copper decreased by 4797 to 62169 on 18 August 2015 against 66966 on 11 August 2015. The net positions were in favor of short position holders by 27514.

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