MTECHTIPS;-Copper Locked In Bearish Trades On Poor Demand

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MTECHTIPS;-Copper Locked In Bearish Trades On Poor Demand

MTECHTIPS-COMEX Copper futures dropped to fresh three month low amid weak equities and poor speculative demand. COMEX Copper is currently quoting at $3.006 per pound, down 0.60% on the day. MCX Copper futures broke under Rs 440 per kg and closed at Rs 439 per kg. Large metals speculators reduced their bullish net positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on last Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 39,635 contracts in the data reported through Tuesday March 13th. This was a weekly reduction of -2,285 contracts from the previous week which had a total of 41,920 net contracts. Speculative positions have fallen for two out of the past three weeks and are now under the +40,000 contract level for the first time since December 12th when net positions totaled +27,754 contracts

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