Copper Will Remain Cautious Ahead of Chinese Imports Data

Copper.....

Copper recovered well last week and ended with gains of 0.5 percent in the week yet the optimism in the market is shaking by the caution of Chinese import data. Chinese import data is due on Wednesday and markets are likely to take cues on the world's largest metal consumer demand. COMEX Copper fund managers, Commitment of traders report for week ending 30 April 2013 showed increase in the short positions while simultaneous liquidation of long positions by hedge fund managers. The total short positions increased by 5058 contracts taking total short contracts number to 51133 contracts from 46075 contracts in the previous week. COT report showed that long contracts decreased by 2581 contracts and were at 27703 contracts from 30284 contracts a week before. Total net short positions therefore moved to 23430 contracts. MCX Copper futures for April expiry are trading at Rs 395 per kg on Monday, up by 0.18 percent. The prices were up by 2.1 percent from Rs 394.5 last week. The prices of copper are resisted at Rs 400 per kg while Support for the contract is at Rs 388 per kg. The rise last week was due to the volatility of Indian Rupee against the Dollar. LME three month Copper prices were trading at $ 7233 per tonne, up by $ 83 per tonne from last week. The metal has so far tested a high of $ 7244 per tonne in Asian trades. Source by Commodity Insights