Copper Gains Sharply On Short Covering

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Copper MCX Upside Resistance 388 Sell on Rise

Gold Silver Reports — Deprived Copper showed confidence marking gains of 1.66% in the session gone by. At the time of closing Copper was at Rs 385.25 per kg. On the higher side, Rs 385.60 per kg was noted while on the lower side, Rs 377.35 per kg was tested.

Commitment of Traders report was released last Friday and will be critical for Copper in the coming days. The report indicates the trend for Copper that is being followed by COMEX Copper stakeholders like Merchants and Money Managers. This trend is largely used by speculators for setting the tone for the metal in coming days.

The Money Managers were interested in increasing their long positions while decreasing short positions. Meanwhile the situation for merchants and producers was increase in both long positions and short positions.

The total long positions of Merchants were 41559 pounds on 21 March 2017 compared to 40183 pounds on 13 March 2017, up 1376 pounds. On the other hand, short position of Copper was up by 2216 to 104671 pounds on 21 March 2017 from 102455 pounds on 13 March 2017. 

In case of Money Managers, the total long positions were 93986 pounds on 21 March 2017 compared to 92181 pounds on 13 March 2017, up 1865 pounds. The short positions of Copper were 39306 pounds on 21 March 2017 compared to 38940 pounds on 21 March 2017, up 366 pounds. — Neal Bhai Reports

Copper Gains Sharply On Short Covering | Gold Silver Reports