Home Forex News Copper Speculative Longs Rise Near Two And Half Year High

Copper Speculative Longs Rise Near Two And Half Year High

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Large base metals speculators increased their net long positions in the Copper futures markets further last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 58607 net contracts in the data reported through September 14th 2020. This was a weekly spurt of 2857 net contracts from the previous week. The net longs have soared to near two and half year high now. Meanwhile, the commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -62338 contracts, recording a weekly change of -1829 net contracts.

Shanghai base metals mostly traded lower on Tuesday morning, while their counterparts on the LME cruised higher for the most part, as the US dollar rebounded on worries about the economic recovery from the coronavirus crisis. Stocks on US and European markets plunged as climbing COVID-19 cases triggered worries among investors, and risk-aversion demand boosted the US dollar index to rebound to a six-week high, weighing on copper futures. US pending home sales for August and September consumer confidence index in euro zone are set for release today. U.S.-China tensions will likely have an impact on metals markets going forward and could flare up even more after the U.S election as both candidates have said they want to limit China’s influence in the world.

TREND : SIDEWAYS

Time                                      :           22/09/2020

Pivot                                      :           3.0482

Technical View                     :             LONG ABOVE 3.0746

Target                                   :            3.1011, 3.1526, 3.2024

Technical View                     :             SHORT BELOW 3.0221

Target                                   :            2.9958, 2.9471, 2.8945

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