MTECHTIPS;-Copper Moves Sharply Upwards in Evening Trades

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MTECHTIPS;-Copper Moves Sharply Upwards in Evening Trades.

MTECHTIPS-Indian Copper galloped by 1.02% to end at Rs 442.7 per kg. The price of Copper was down and tested a low of Rs 437.70 per kg. Large metals speculators modestly raised their bullish net positions in the Copper Futures markets this week, 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 20,910 contracts in the data reported through Tuesday April 3rd. This was a weekly increase of 1,723 contracts from the previous week which had a total of 19,187 net contracts. Speculative positions had fallen for three straight weeks (by a total of -22,733 contracts) and dropped to the lowest position since July 18th of 2017 when net positions totaled +15,330 contracts before this week’s turnaround. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -25,277 contracts on the week. This was a weekly increase of 1,016 contracts from the total net of -26,293 contracts reported the previous week