Base Metals Preview: Copper Slippery In Asian Trades

COMEX Copper stayed slippery today as equities slipped after US President Donald Trump called off a key summit with North Korea. The red metal has already come off a one month top and lingers just under $ 3.10 levels right now. MCX Copper has come off highs above Rs 370 per kg and should see sustained selling pressure on rallies now. Large 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). The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 36,355 contracts in the data reported through Tuesday May 15th. This was a weekly gain of 2,903 contracts from the previous week. Speculative positions have increased after declining for two weeks in a row. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -41,277 contracts on the week. This was a weekly fall of -2,050 contracts.