COMEX Copper futures surged to fresh six month high on excellent fund buying. Worries over the Copper output in Chile - the leading global producing country is also keeping the metal supported. The red metal currently trades at $2.79 per pound, up 0.36% on the day. Large base metals speculators continued to increase their net long positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 20577 net contracts in the data reported through June 29th 2020. This was a weekly jump of 3879 net contracts from the previous week. The net longs are now at the highest mark in nearly 15 months.

Meanwhile, Chile health authorities reported 2,462 new COVID-19 cases in the past day, bringing the outbreak total to 301,019, now the 6th highest COVID-19 outbreak in the world following only the US, Brazil, India, Russia and Peru.

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