MTECHTIPS:-Copper Supported On Hedge Fund Buying

MTECHTIPS:-Copper Supported On Hedge Fund Buying

MTECHTIPS-Copper supported just under its four year high. Large metals speculators advanced their bullish net positions in the Copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on last Friday. The prices of Copper in Indian markets have started the first day of the year at Rs 466.15 per kg, down 0.13%. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 42,698 contracts in the data reported through Tuesday December 26th. This was a weekly gain of 14,944 contracts from the previous week which had a total of 27,754 net contracts. Speculative positions rose for a second straight week and are at the highest standing since October 31st when net positions totaled 47,593 contracts. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -43,066 contracts on the week. This was a weekly loss of -11,937 contracts from the total net of -31,129 contracts reported the previous week

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