Copper MCX High 612.35, Bola Tha Buy 100-500 Lots – Neal Bhai Reports
Copper MCX Tips Today : Copper MCX Above 600 buy 100—500 Lots For target 612——618 SL PAID
Copper MCX yesterday settled up by 0.47% at 604.05 as global economic health recovered, prices has gained more than 80% since March lows, mainly on the back of a rebound in the Chinese economy.
Prices are capped on reports that Zambia is expecting to produce 1 mln tn of copper next year as more small mines come into production and demand remains firm.
Data showed that China’s factory output grew at the fastest pace in 20 months in November driven by revived consumer spending and a gradual easing of COVID-19 restrictions in major trading partners.
Global copper smelting activity rose in November, having shown no growth the previous month, with the largest increases in Europe, China and South America, data from satellite surveillance of copper plants showed.
Large base metals speculators continued to raise their net long positions in the Copper futures markets last week, according to the latest COT data released by the CFTC.
The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 80039 net contracts in the data reported through December 7th 2020.
Bullish bets on copper by funds showed no signs of abating, with positioning on LME and COMEX at high levels, as per data from the U.S. Commodity Futures Trading Commission.