CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :13 SEPTEMBER 2019

Base Metals Preview: Copper Off Six Week High

COMEX Copper futures hit a six week high of $2.66 per pound yesterday but eased on worries over speculative demand. The metal currently trades at $2.65 per pound, up 0.44% on the day. MCX Copper futures ended up 0.57% at Rs 453 per kg yesterday. Large base metals speculators added to their bearish net positions in the Copper futures markets again 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 -58,841 contracts in the data reported through Tuesday, September 3rd. This was a weekly change of -361 net contracts from the previous week which had a total of -58,480 net contracts. Speculators raised their bearish bets higher for a second straight week and the bearish position reached the most bearish level on record for a second straight week as well, according to CFTC data going back to 1989.

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