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MTECHTIPS;-Copper Looking Vulnerable After Recent Slide

Tuesday, September 12, 2017 1:43

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MTECHTIPS;-Copper Looking Vulnerable After Recent Slide

MTECHTIPS- Copper is witnessing selling pressure on rallies. The metal dropped in Asia today following a smart recovery in last session. Three year highs have already triggered a heavy sell off and the metal is looking vulnerable now despite good speculative buying. Worries regarding US auto industry demand following Hurricane Harvey had pulled the metal down in a frenzy on Friday. This onslaught seems to be weighing on the market even now as COMEX Copper is quoting off 0.62% $3.05 per pound. MCX Copper futures are likely to give back some of their yesterday’s gains on feeble global cues. MCX futures closed up 0.93% at Rs 435.10 per kg in last session. Large speculators continued to add to their net positions in the copper futures markets to the highest level in about six months, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 48,865 contracts in the data reported through Tuesday September 5th. This was a weekly gain of 5,213 contracts from the previous week which had a total of 43,652 net contracts. Speculative positions have now risen for eight straight weeks and are currently near their highest levels since February this year

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