BA:Copper prices have fallen from a high of $10,000 to $9000
Speculators have become net short on Comes Copper futures with 2751 short positions last week as against 117 long positions, latest data from Commodity Futures Trading Commission (CFTC) showed.
This is the first time since October 2009 that the speculator group has become net short on copper. Speculators were net long a week earlier with 2536 longs and 332 shorts.
Fund managers have become bearish with regard to Copper as macroeconomic factors and data from both Europe and US point towards a weak economy in the future and hence a weaker copper demand.
At the London Metal Exchange (LME), copper prices have fallen from a high of $10,000 to $9000 as of August with the US and European crisis weighing heavily despite strong Chinese demand.
