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Surprisingly the copper market is showing some positive action overnight and that is in direct conflict with the action in the precious metals markets early this morning. However, with both Indian and Shanghai copper prices forging gains overnight, that seems to suggest that copper is set to continue last week’s generally positive track in prices. The copper market is helped by a weaker Dollar and slightly higher global equity market action, but it is also possible that a noted decline in exchange copper stocks overnight is lending the market some support. LME Copper Stocks were 394,025 tons down 4,050 tons. LME Copper stocks have increased 13 of the last 20 days. The Commitments of Traders Futures and Options report as of January 25th for Copper showed Non-Commercial traders were net long 23,912 contracts, a decrease of 6,277 contracts. The Commercial traders were net short 27,494 contracts, a decrease of 6,739 contracts. The Non-reportable traders were net long 3,583 contracts, a decrease of 460 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 27,495 contracts. This represents a decrease of 6,737 contracts in the net long position held by these traders.
Copper: Support from Weaker Dollar and Higher Equities
by Dave Hightower on January 31, 2011
Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!
Surprisingly the copper market is showing some positive action overnight and that is in direct conflict with the action in the precious metals markets early this morning. However, with both Indian and Shanghai copper prices forging gains overnight, that seems to suggest that copper is set to continue last week’s generally positive track in prices. The copper market is helped by a weaker Dollar and slightly higher global equity market action, but it is also possible that a noted decline in exchange copper stocks overnight is lending the market some support. LME Copper Stocks were 394,025 tons down 4,050 tons. LME Copper stocks have increased 13 of the last 20 days. The Commitments of Traders Futures and Options report as of January 25th for Copper showed Non-Commercial traders were net long 23,912 contracts, a decrease of 6,277 contracts. The Commercial traders were net short 27,494 contracts, a decrease of 6,739 contracts. The Non-reportable traders were net long 3,583 contracts, a decrease of 460 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 27,495 contracts. This represents a decrease of 6,737 contracts in the net long position held by these traders.
Tags: Copper, Metals
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