COMEX Copper edged up in Asia today as good buying emerged after the metal tested near a three week low. The commodity is trading at $2.79 per pound, up 0.60% on the day. MCX Copper should edge up in early moves following this rebound. The local futures ended at Rs 458.90 per kg yesterday, flat on the day.
Large metals speculators increased their bullish net positions in the Copper futures markets again last 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 11,975 contracts in the data reported through Tuesday October 2nd. This was a weekly rise of 871 contracts.
The copper speculative position has witnessed increases in bullish bets for three straight weeks. The current standing is now at the most bullish level since July 10th. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -13,272 contracts on the week. This was a weekly loss of -1,544 contracts.
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