COMEX Copper futures regained lost momentum during early Asian hours and surged through the day to hit fresh highs. The red metal gained support from weakness in dollar overseas although muted equities limited gains. Currently, COMEX copper is quoting at $4.30 per pound, up 0.65% on the day whereas dollar index is trending below 104 mark. Focus now turns on the upcoming March minutes, inflation report and speeches from Federal Reserve officials to gauge the potential rate-cut timetable. Further, base metals speculators continued to cut their net long positions in the Copper futures market last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The net longs are at a three week low. Powered by Commodity Insights
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