Copper Updates

Advisory Data :-
Commitment of Traders report released last week of Copper showed that the fund holders are still putting bearish bets on the metal. Managed-money funds placed more bearish bets in Comex copper futures and options in the week ended Sep. 18, according to data released Friday by the Commodity Futures Trading Commission.
Speculative investors added 682 long positions, or bets on higher copper prices, and 1,027 short positions, or bets on lower prices, during the reporting period. This reduced their net-long position by 2% to 17164 contracts, from 17509 a week earlier.
LME Copper was trading at $ 8293 per tonne on Monday, compared to $ 8280 per tonne last week. Meanwhile, MCX Copper opened down by Rs 2.5 per kg, at Rs 442 per kg. Copper supports for the contract are at Rs 440 and Rs 438 per kg. Resistance for the contract are at Rs 444 and 446 per kg.