Copper Speculators Cut Back On Their Bullish Net Positions For 3rd Week
Zachary Storella | Jul 10, 2018 12:29AM ET
Copper Non-Commercial Speculator Positions:
Large metals speculators decreased their bullish net positions in the Copper Futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the 4th of July holiday.
The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 25,505 contracts in the data reported through Tuesday July 3rd. This was a weekly decrease of -8,540 contracts from the previous week which had a total of 34,045 net contracts.
Speculative positions declined for a third straight week and by a total of -45,032 contracts over that time-frame. The current bullish level is now at the lowest point since April 10th when net positions totaled 23,706 contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -30,116 contracts on the week. This was a weekly advance of 9,998 contracts from the total net of -40,114 contracts reported the previous week.
Copper Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $291.7 which was a decrease of $-9.85 from the previous close of $301.55, according to unofficial market data.
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