New Longs Support Copper

Barclays reports the metals market held steady holding relatively firm despite sovereign debt concerns.

The market news is quoted as saying,

Along with the recent rise in copper and zinc prices, in particular, has come an increase in LME open interest suggesting a steady build in long positions. This is further evidenced by last week’s CFTC commitment of traders data which showed another sizeable increase in new longs under the managed money category of 7.7K lots to take net positions higher by 4.8Kt lots.

For the complete market news, click here.