COMEX copper dropped from a four week high amid lack of cues from US equities that were closed on Monday on account of Memorial Day. Meanwhile, weakness in dollar and falling copper inventories also failed to support the counter. LME Copper inventories dropped sharply in last session, holding around one year low. Inventories fell 1800 tonnes to 164725 tonnes. The counter is currently quoting at $4.81 per pound, down 0.65% on the day. Meanwhile, base metals speculators marginally 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 non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds and retailers totaled a net long position of 21038 contracts in the data reported through May 20, 2025, falling slightly by 484 contracts and holding at two-month low.