MTECHTIPS;-MCX Copper Facing Resistance Around Rs 410 Levels

MTECHTIPS;-MCX Copper Facing Resistance Around Rs 410 Levels

MTECHTIPS-Copper futures now as recent gains give way to modest correction. MCX Copper futures are failing to hold onto highs around Rs 410 per kg levels. The COMEX Copper futures hit a two year highs last week on good demand from funds amid soaring equities and weak US dollar. Large speculators added to their net positions in the Copper futures markets this week for a second consecutive week and for the fourth out of the past five weeks, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 24,257 contracts in the data reported through Tuesday July 25th. This was a weekly spurt of 8,927 contracts from the previous week. The rise in speculative copper positions is now at the highest level since April 11th this year. 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 -23,341 contracts on the week. This was a weekly shortfall of -5,761 contracts

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