Money Market Guru — The prices of MCX Copper declined by more than 1.5% in a single session. The tormenting by bears continues in Copper and the prices have now breached all important Rs 380 per kg levels. From here the declines can take metal towards Rs 366 per kg and settled at Rs 374.85 per kg. The session on Monday saw Copper ending at Rs 374.85 per kg.
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 43895 pounds on 28 March 2017 compared to 41559 pounds on 21 March 2017, up 2336 pounds. On the other hand, short position of Copper was up by 7308 to 111979 pounds on 28 March 2017 from 104671 pounds on 21 March 2017.
In case of Money Managers, the total long positions were 97852 pounds on 28 March 2017 compared to 93986 pounds on 21 March 2017, up 3866 pounds. The short positions of Copper were 37079 pounds on 28 March 2017 compared to 39306 pounds on 21 March 2017, down 22227 pounds. — Money Market Guru