Copper...........
Copper recovered ahead of US and Chinese data on Tuesday, gaining
lost ground. The metal was lower on Monday, down $ 63 per tonne to $
6778 per tonne. When last seen LME three month prices of Copper was at $
6830 per tonne. Dollar was trading at 1.2859 against the Euro. The
Dollar settled at 1.2868 against the Euro on Monday. Indian Rupee is
mildly higher against the Dollar at 60.14, down 0.80 percent.
LME base metal prices could be rangebound as the market awaits data from China and the U.S. this week for direction. While China's CPI data could influence markets, investors will be closely watching the release of the latest Chinese trade data and the minutes of the U.S. Federal Open Market Committee's June meeting on Wednesday.
The Chinese trade data will be eyed for signals of base metal demand; while the FOMC minutes will be picked apart for further clues as to when the Federal Reserve may start to taper its commodities-boosting quantitative easing program.
After three straight weeks of increase in short positions COMEX Copper fund managers, Commitment of traders (CoT) report, showed heavy rise in long positions. Meanwhile, the total short positions declined by 3206 contracts taking total short contracts number to 56428 contract on week ending 2 July 2013, from 59634 contract in the previous week.
CoT report showed that long contracts increased by 2428 contracts and were at 29465 contracts from 27037 contracts a week before. Total net short positions therefore moved up by 17.3 percent to 26963 contracts from 32597 contracts a week before.
MCX Copper contract for August expiry closed at Rs 418.15 per kg, up 0.10 percent. The process tested a high of Rs 419.75 per kg and a low of Rs 414.6 per kg. The contract is resisted at Rs 420 and 422 per kg. Supports are still active at Rs 418 and 415 per kg.
Source by Commodity Insights
LME base metal prices could be rangebound as the market awaits data from China and the U.S. this week for direction. While China's CPI data could influence markets, investors will be closely watching the release of the latest Chinese trade data and the minutes of the U.S. Federal Open Market Committee's June meeting on Wednesday.
The Chinese trade data will be eyed for signals of base metal demand; while the FOMC minutes will be picked apart for further clues as to when the Federal Reserve may start to taper its commodities-boosting quantitative easing program.
After three straight weeks of increase in short positions COMEX Copper fund managers, Commitment of traders (CoT) report, showed heavy rise in long positions. Meanwhile, the total short positions declined by 3206 contracts taking total short contracts number to 56428 contract on week ending 2 July 2013, from 59634 contract in the previous week.
CoT report showed that long contracts increased by 2428 contracts and were at 29465 contracts from 27037 contracts a week before. Total net short positions therefore moved up by 17.3 percent to 26963 contracts from 32597 contracts a week before.
MCX Copper contract for August expiry closed at Rs 418.15 per kg, up 0.10 percent. The process tested a high of Rs 419.75 per kg and a low of Rs 414.6 per kg. The contract is resisted at Rs 420 and 422 per kg. Supports are still active at Rs 418 and 415 per kg.
Source by Commodity Insights
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