Copper futures rose to a three-week high on Monday, amid speculation demand from top consumer China will increase after data pointed to an improvement in Chinese credit growth. On the Comex division of the New York Mercantile Exchange, copper futures for March delivery rose to a session high of $ 3.306 a pound, the most since January 23. Copper prices last traded at $3.282 a pound during European morning hours, up 0.55%.
MCX Copper was trading in a skewed zone of Rs 451 per kg, and a low of Rs 447 per kg. The market is resisted at Rs 454 per kg, and a low of Rs 445 per kg.
Trade volumes were expected to remain light on Monday, with Comex floor trading remaining closed for the U.S. President's Day holiday. All Data released over the weekend showed that Chinese aggregate financing, the broadest measure of credit, rose to a record-high of CNY2.58 trillion in January.
Money managers continued to build on the short position, as per the Commitment of Traders (COT) report. The week ending 11 February 2014 by Commitment of Traders (COT) has shown that the long positions of Copper were down by 1942 contracts to 31535 contracts compared to 33477 contracts on 4 February 2014.
The week saw increase of 7027 contracts in short positions of the money managers. The total short positions increased to 47326 contracts on 11 February 2014 from 40299 contracts on 4 February 2014. The net positions of money managers were in favor of short positions by 15791 contracts, up 131% from 6822 contracts on 4 February 2014.
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