Copper Declines Sharply on Tuesday

Indian Copper prices again showed depletion and the correction seems far from being over. After the recent report of the Money managers declining Copper long positions profit booking has chipped in. Benchmark Copper ended at INR 386.70 per kg during the last session on 7 March 2017.

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Commitment of trader's report was released last Friday and will be critical for Copper in the coming days. The report indicates the trend for Copper that is being followed by COMEX Copper stakeholders like Merchants and Money Managers. This trend is largely used by speculators for setting the tone for the metal in coming days.

 

The total long positions of Merchants were 43331 pounds on 28 Feb 2017 compared to 43147 pounds on 21 Feb 2017, up 184 pounds. On the other hand, short position of Copper were down by 7518 to 114792 pounds on 28 Feb 2017 from 122310 pounds on 21 Feb 2017.

 

In case of Money Managers, the total long positions were 103982 pounds on 28 Feb 2017 compared to 111170 pounds on 21 Feb 2017, down 7188 pounds. The short positions of Copper were 33322 pounds on 28 Feb 2017 compared to 32380 pounds on 21 Feb 2017, up 942 pounds.