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Report of deficit in world Copper markets coupled with fall in Dollar against the Euro became an ideal combination of rise in Copper prices. LME Copper forwards enjoyed its outing in the week ending 23 November 2012, with gains of 2.5% to settle at $ 7773 per tonne.

On a cumulative basis, refined Copper markets registered a seasonal deficit of 522000 tonnes in Jan-Aug 2012. The production deficit in Copper during first eight months was 77000 tonnes. World Copper markets were in minor deficit of 8000 tonnes in August 2012. After making seasonal adjustments, the refined Copper markets were in deficit of 23000 tonnes in August.

LME Copper inventories in the week dropped by 5350 tonnes to 249825 tonnes. Money managers continued to bet on the bearish positions on Copper. The Commodity Futures Trading Commission Managed money funds slashed bullish bets on Comex copper futures and options in the week ended 30 October 2012.

Traders in the category sold 4182 bullish bets on Copper while adding another 6921 short positions, or bets on lower prices. This took their net positions down 61 percent to 6964 long contract from 18067 long contracts a week earlier.