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MTECHTIPS:-Copper Slips In A Single Session As Speculators Book Profits
Copper ended the session on 29 Nov 2016 at INR 392.95 per kg. The prices tested a high of INR 397.95 per kg and a low of INR 389.10 per kg. Indian Copper slipped in a single session as sentiments turned down on Tuesday. The prices breached Rs 400 which was an active psychological zone. This means that prices can move lower until some positives reemerge. The rally was continuing ever since the US elections showed infrastructure friendly Donald Trump winning the Presidential battle. 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 decreasing longs and increasing short positions for the week ending 22 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 25138 on 22 Nov 2016 against 26770 on 15 Nov 2016, while short positions increased to 104379 on 22 November 2016 against 100816 on 15 November 2016. Overall the net positions in case of merchants are favoring shorts by 79241. Commitment of Traders showed that the long positions of Money Managers increased by 3461. The total long positions of Copper for the one week period ending was 100460 on 22 November 2016 compared to 96999 on 15 November 2016. On the other hand, short
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