In the Multi Commodity Exchange (MCX) Copper prices slid to Rs 613.55 per kg on January 11 as participants elevated short positions as seen by the open interest. The base metal traded in the red after a gap down open in the evening session on a stronger dollar. The red metal had gained 4.56 percent last week on the MCX.
London Metal Exchange (LME) Copper prices eased from close to 8-year highs on Friday as doubts grow over how much infrastructure stimulus the incoming US administration will be able to deliver.
The base metal is witnessing profit-taking on lockdown measures imposed in some parts of the US and Europe and the latest lockdown being imposed in China to contain the covid-19 spread also weighed on the prices.
Hedge funds and money managers reduced their net long positions in copper futures and options by 1,240 contracts to 80,768 in the week to January 5, data from the US CFTC.
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