Copper pulls back as profit taking emerges , Jeera at two month low

Copper pulls back as profit taking emerges

Copper ended the session on 30 Jan 2017 at INR 398.1 per kg. The prices tested a high of INR 405 per kg and a low of INR 395 per kg. Technical charts suggest that breach below INR 395 per kg will be damaging for Copper. Copper was declining in the first session of the week even though the Money managers showed gains in long positions.

Commitment of trader's report was released on 24 Jan 2017 which will be critical for the metal in the coming days. The Money Managers were interested in depleting their short positions and increasing long positions.

Meanwhile the situation for merchants and producers were mostly similar from that of Money managers. In case of the merchants both long and short positions were increased.

The total long positions of Merchants were 34,316 pounds on 24 Jan 2017, up 3,871 compared to 30,345 pounds, on the week ending 17 Jan 2017. On the other hand, short position of Copper was up 7,879 to 1,19,854 pounds on 24 Jan 2017 compared to 1,11,975 pounds on 17 Jan 2017.

Jeera at two month low

Spot Jeera fell near a two month low of Rs 18,500 per quintal after the massive gains in prices over last few days. The latest official data reveals that Jeera sowing in Gujarat, which is almost over by now, is lagging behind last year.

As on January 23rd, the acreage under Jeera was 2,787 thousand hectares, down about 5.6 percent compared to the same time last year. This is just about 82 percent of the normal area.

However, traders are reporting that some arrivals have started flowing in from the new crop.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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