FREE COPPER TIPS : 03.01.2017
Copper on MCX settled up 0.4% at 378.30 with sentiments slowly improving as increased in demand from China will leave the market tighter than previously expected, which supports a more "bullish" environment for copper at least to mid-2017. Industrial metals made a surprise jump in the last quarter of 2016, with copper posting a gain of 13 percent -- the biggest such advance since 2010. The gains were propelled by a drop in London Metal Exchange-monitored inventories and speculation that President-elect Donald Trump’s pledges on infrastructure building will increase demand. Money managers have more than tripled their copper net-bullish position since early November. Meanwhile Large speculators and traders reduced their net positions in the copper futures markets in the final week of 2016 for a second straight week, according to the latest COT data released by the CFTC on Friday. The non-commercial futures contracts of copper futures, traded by large speculators and hedge funds, totaled a net position of 45,763 contracts in the data reported through December 27th. This was a weekly change of -6,263 contracts from the previous week which had a total of 52,026 net contracts. Copper speculative positions have now fallen two consecutive weeks after a strong run of seven weekly gains that saw copper positions crossover into bullish territory and surge to the highest level in years. Technically market is getting support at 376.2 and below same could see a test of 374.1 level, And resistance is now likely to be seen at 380.2, a move above could see prices testing 382.1.
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Copper on MCX settled up 0.4% at 378.30 with sentiments slowly improving as increased in demand from China will leave the market tighter than previously expected, which supports a more "bullish" environment for copper at least to mid-2017. Industrial metals made a surprise jump in the last quarter of 2016, with copper posting a gain of 13 percent -- the biggest such advance since 2010. The gains were propelled by a drop in London Metal Exchange-monitored inventories and speculation that President-elect Donald Trump’s pledges on infrastructure building will increase demand. Money managers have more than tripled their copper net-bullish position since early November. Meanwhile Large speculators and traders reduced their net positions in the copper futures markets in the final week of 2016 for a second straight week, according to the latest COT data released by the CFTC on Friday. The non-commercial futures contracts of copper futures, traded by large speculators and hedge funds, totaled a net position of 45,763 contracts in the data reported through December 27th. This was a weekly change of -6,263 contracts from the previous week which had a total of 52,026 net contracts. Copper speculative positions have now fallen two consecutive weeks after a strong run of seven weekly gains that saw copper positions crossover into bullish territory and surge to the highest level in years. Technically market is getting support at 376.2 and below same could see a test of 374.1 level, And resistance is now likely to be seen at 380.2, a move above could see prices testing 382.1.
