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MTECHTIPS:-Bulls Take Copper on a Ride, Prices Up 2% on MCX Closing

Tuesday, November 22, 2016 1:03
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MTECHTIPS:-Bulls Take Copper on a Ride, Prices Up 2% on MCX Closing

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Copper closed at INR 378.60, up 2.02%. Technical charts suggest that further rally can take metal towards INR 380 per kg. The likelihood of rising U.S. interest rates, better than expected China consumption this year and smaller growth in mine supply for 2017 all played a part in improving the consensus views for copper’s outlook. The Commitment of Traders (CoT) report was released last week. This report is expected to give direction to Copper prices in near future. The activity of Merchants was in favor of increasing long and short positions for the week ending 15 Nov 2016. On the other hand, increase was noted in long positions while decrease was noted in short positions of Money Managers. The long positions of Merchants were 26770 on 15 Nov 2016 against 25091 on 8 Nov 2016, while short positions increased to 100816 on 15 November 2016 against 96740 on 8 November 2016. Overall the net positions in case of merchants are favoring shorts by 74046. Commitment of Traders showed that the long positions of Money Managers increased by 4961. The total long positions of Copper for the one week period ending was 96999 on 15 November 2016 compared to 92038 on 8 November 2016. On the other hand, short positions of Copper was 26397 on 15 November 2016 compared to 32750 on 8 November 2016.

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