Base Metals Preview: Copper Pulls Back, Dollar Rises Near One Week High

COMEX Copper has slipped in Asia as commodities are witnessing some selling pressure after the massive gains seen over last few days. Equities are also in a corrective mode and a modest spell of buying supporting the US dollar index. COMEX Copper futures are currently trading at $ 3.12 per pound, down 0.20% on the day. The US dollar index topped a one week high of 89.75 in early Asian trades today on a strong set of US economic numbers last night. MCX Copper futures soared above Rs 460 per kg but saw limited buying around the same level. Expect a modest pullback in the counter ahead of the weekend. Large precious metals speculators added to 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 23,706 contracts in the data reported through Tuesday April 10th. This was a weekly increase of 2,796 contracts from the previous week which had a total of 20,910 net contracts. Speculative positions rose for two straight weeks following three weekly declines.