Base Metals Preview: Copper Eyes US-China Trade Talks

COMEX Copper futures witnessed mixed movement yesterday though supportive economic data is limiting the downside for the metal. US stocks witnessed mixed moves. Sentiments remained choppy as traders expressed some uncertainty about the second round of trade talks between the US and China. The commodity is quoting at $ 3.084 per pound, up marginally on the day. MCX Copper futures closed at Rs 463.35 per kg, up 0.30% on the day. Large base metals speculators trimmed 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 33,452 contracts in the data reported through Tuesday May 8th. This was a weekly drop 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.