Last week for copper was banished and the first day of new week mark pressure on prices with most of the gains earned. 1.1% retreated by benchmark copper contract to settle the day at Rs 373/kg with such correction, future become vague and prices are unlikely to cross Rs 378/kg in upcoming days.
On Friday the CFTC (Commodity Future Trading Commission) released its data COT (Commitment of Trader) which says that large speculators increased their net bullish position in the copper futures market last week as sentiment for the metals has improved in recent years. Their bullish bets are higher three out of the past four weeks.the bullish positions had fallen to the lowest level of the year on 9th May at 8,081 net contracts and positions had been on a consistent downturn in the recent months.
The data reported on 6Th June says that the non-commercial futures contract of copper futures is traded by large speculators and hedge funds and hold a net position of 12,726 contracts.
Hedger, or trader categorized by the CFTC under commercial trader position is engaged in buying and selling for business purposes, totaled a net position of -13,326 contracts in the last week.
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