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  • COMEX Copper soared to a three month high above $2.70 per pound as a rally in global equities on easing global trade worries supported the metal. The Chinese Commerce Ministry said the US and China have agreed to lift existing tariffs in phases. Fund buying has been benefiting the metal recently. COMEX Copper currently trades at $2.70 per pound, down 0.18% on the day. MCX Copper futures closed at Rs 445.70 per kg, up 1% on the day. Large base metals speculators cut back on their bearish net positions in the Copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -25,225 contracts in the data reported through Tuesday October 29th. This was a weekly change of 16,348 net contracts. The copper speculators decreased their bearish bets for a third straight week.

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