Base Metals Preview: Copper Looks Choppy After

Choppy moves continued for COMEX Copper as not much of buying is emerging after a recent correction. The metal is off 0.16% at $ 3.12 per pound. MCX Copper closed at Rs 463 per kg off its highs above Rs 460 levels. Equities are trading in a muted manner this week and traders are also looking at strength in US dollar. Buying seems to have been limited after large metals speculators increased 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), the non-commercial futures contracts of copper futures, traded by large speculators and hedge funds, totaled a net position of 30,717 contracts in the data reported through Tuesday, April 17th. This was a weekly increase of 7,011 contracts from the previous week which had a total of 23,706 net contracts. Speculative positions have gained for the past three weeks following three weeks of declines previously.