MTECHTIPS;-Copper Drops Half A Percent In Asia

MTECHTIPS;-Copper Drops Half A Percent In Asia

MTECHTIPS-Copper dropped in Asia as some profit selling emerged in the counter ahead of weekend. Prices have hit two year highs amid weak US dollar and soaring equities and some moderation is likely in near term. COMEX Copper is down half a percent at $2.85 per pound right now. MCX Copper futures ended at Rs 407.90 per kg yesterday and should slip in early moves following the global cues. Large speculators raised their bullish net positions in the Copper markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 15,330 contracts in the data reported through Tuesday July 18th. This was a weekly advance of 3,324 contracts from the previous week which had a total of 12,006 net contracts. Copper speculative positions have risen for three out of the past four weeks and have remained above the +10,000 speculative net level for seven consecutive weeks. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -17,580 contracts on the week. This was a weekly shortfall of -2,679 contracts from the total net of -14,901 contracts reported the previous week

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