Copper ended the session on 9 Jan 2017 at INR 382.80 per kg. The prices tested a high of INR 384.70 per kg and a low of INR 380.10 per kg. Commitment of traders report released at the start of January 2017 will be critical for the metal in the coming days.
The Money Managers were interested in depleting their long positions and short positions.
Meanwhile the situation for merchants and producers were similar from that of Money managers. In case of the merchants both long and short positions were declined.
The total long positions of Merchants were 29871 pounds, down 80 from 29951 pounds on the week ending 3 Jan 2017. On the other hand, short position of Copper was down 1451 to 106016 pounds during the week ending 3 Jan 2017 against 107467 pounds last week.
In case of money managers, the total long positions were 94060 pounds on 3 January 2017 against 96708, for the week ending 27 Dec 2016. The short positions of Copper were 23503 pounds, down 1053 pounds against 24556 pounds on 27 Dec 2016.
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Technical comment for the day: Gold