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Speculators cut bullish bets on Comex Copper

FXStreet (Mumbai) - The Commodity Futures Trading Commission (CFTC) data released on Friday showed that the speculators reduced the bullish bets on Copper prices during the week ended Oct. 28, even though supply disruptions due to strikes and other issues had reduced a probability of Copper surplus in the next year.

Copper, on the Comex division of the New York Mercantile Exchange, is trading 0.14% lower at USD 3.043/pound. The metal came under pressure today after a gauge of manufacturing activity in China slowed down to five-month low in October. However, some support to the prices does come from the surprise stimulus announced by Bank of Japan on Friday. Meanwhile, a strong US Dollar is likely to cap strength in the metal prices.

Comex Copper Technical levels

Copper has an immediate resistance at 3.053, above which the prices can rise to 3.062 levels. Meanwhile, support is seen at 3.04 and 3.029 levels.

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