Indian Copper was down by Rs 2 to trade at Rs 462.7 per kg. The prices have been facing resistance at Rs 465 per kg. Large precious metals speculators cut back on their bullish net positions in the Copper futures markets 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 33,452 contracts in the data reported through Tuesday May 8th. This was a weekly lowering of -1,464 contracts from the previous week which had a total of 34,916 net contracts.
Speculative bets have fallen for two straight weeks following a jump in bullish bets on April 24th by +11,919 contracts. The overall position remains above the +30,000 net contract level for a fourth straight week.
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -39,227 contracts on the week. This was a weekly gain of 2,372 contracts from the total net of -41,599 contracts reported the previous week.