Copper on MCX settled down -0.91% at 457.30 while prices moved in the range as trading volumes were remain thin with U.S. markets were closed on Monday for Presidents' Day and also the Shanghai Futures Exchange is closed for the Lunar New Year, reopening on Thursday, Feb. 22. Also other metals were largely unchanged in extremely light trading volumes of less than 1,000 lots. The dollar steadied after pulling ahead from a three-year low against a currency basket the previous day, though it was dogged by growing concerns a ballooning fiscal deficit in the United States could disrupt the economy. Meanwhile Hedge funds and money managers cut their net long positions in COMEX copper contracts in the week to Feb. 13, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. In the week ahead, investors will focus on minutes of the Fed’s latest policy meeting with hopes the central bank will give more hints on the pace of future rate hikes this year. Staying in the U.S., a report on existing home sales will be the highlight of the holiday-shortened week.
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