Commitment of traders reported that fund managers slashed 2476 long contracts taking the total towards 22064 contracts, on 19 March 2013. Meanwhile, short positions were increased by 6479 contracts to 47782 contracts. Total net short positions therefore moved up by 53% to 16763 contracts. Meanwhile, news of disruption in Copper is metal. Workers in Antofagasta and Angamos ports went to strike. The strike has threatened to disrupt supplies from Codelco, which is the largest producer of Copper in the world.World Copper surplus situation has started growing as per the latest update by International Copper Study Group (ICSG). The group monthly release showed that the Copper markets were in production surplus of 170000 tonnes in the month of December 2012.
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The production surplus of Copper for November 2012 was 30000 tonnes. The major reason given was the lower usage in major consuming regions of Copper. Another worry is the stupendous rise of LME Copper inventories that has reached a 10 year high in London Metal Exchange and increased by 78% since January 2013 to reach 569775 tonnes. LME three month Copper forwards ended at $ 7613 per tonne, down $ 42 per tonne from last week. These are four month low levels for Copper.
Source by Commodity Insights
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