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Copper trades flat, speculators raise bearish bets

FXStreet (Mumbai) - Copper is trading flat after ending the last week largely unchanged as a strike at Peru’s largest copper mine failed to negate the impact of rising supply concerns.

Copper, on the Comex division of the New York Mercantile Exchange, is trading 0.12% higher at USD 3.045/pound, up from the day’s low of USD 3.027. Meanwhile, the three month copper on the London Metal Exchange slipped by 0.3% to USD 6,669/tonne earlier today. The metal has been unable to capitalize on its gains since last week on concerns that excess supply will outstrip demand for the metal.

Demand from the Chinese copper product makers, which usually picks up ahead of the Christmas and the Lunar new year gift diving seasons, remains weak this year. Moreover, the sentiment has turned bearish as evident from the Commodity Futures Trading Commission (CFTC) data which says Speculators increased 567 shorts in copper in the week up to October 21.

The bearish positioning has made sure that Copper does not respond to the workers’ strike at Peru's biggest copper mine, Antamina.

Comex Copper Technical levels

Copper has an immediate resistance of 3.059 (Oct 24th high), above which prices can rise to 3.067 (Sep 29th high). Meanwhile, the metal can fall to 3.00 levels if the immediate support at 3.027 is breached.

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