Copper Keeps Momentum, Gains 0.86%
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Copper ended the session on 20 Feb 2017 at INR 403.65 per kg, up 0.86%. The prices tested a high of INR 407.45 per kg and a low of INR 400.70 per kg. Technical charts suggest that breach above INR 405 and 407 per kg will be beneficial for Copper.
Commitment of trader’s report was released Friday and will be critical for Copper in the coming days. The Money Managers were interested in decreasing their short positions along with long positions. Meanwhile the situation for merchants and producers were similar as there as well the longs and short positions were on a decline.
The total long positions of Merchants were 37823 pounds on 14 Feb 2017 compared to 42612 pounds on 7 Feb 2017, down 4789 pounds. On the other hand, short position of Copper were down 9090 to 120932 pounds on 14 Feb 2017 from 130022 pounds on 7 Feb 2017.In case of Money Managers, the total long positions were 115276 pounds on 14 Feb 2017 compared to 115642 pounds on 7 Feb 2017, down 366. The short positions of Copper were 26720 pounds compared to 30186 pounds on 14 Feb 2017, down 3466 pounds.