Base Metals Preview: Steady Buying Supports Copper After Recovery

COMEX Copper consolidated just under $ 3.10 per pound as steady buying stayed in place following the recent recovery in the prices which pulled the metal up from near one month low. MCX Copper futures also saw some buying, testing Rs 460 per kg levels. 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) on Friday. The non-commercial futures contracts of copper futures, traded by large speculators and hedge funds, totaled a net position of 42717 contracts in the data reported through Tuesday, April 17th. This was a weekly increase of 11919 contracts from the previous week which had a total of 30717 net contracts. Speculative positions have gained for the past four weeks now.