Copper Speculators Cut Bearish Positions
Zachary Storella | Feb 17, 2019 02:14AM ET
Copper Non-Commercial Speculator Positions:
Large precious metals speculators reduced their bearish net positions in the Copper Futures markets in January, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
This latest COT data is from later in January due to the government shutdown which suspended the releases. The CFTC is releasing data on Tuesdays and Fridays going forward until the data is back up to date.
The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -24,525 contracts in the data reported through Tuesday, January 22nd. This was a weekly rise of 3,067 net contracts from the previous week which had a total of -27,592 net contracts.
The week’s net position was the result of the gross bullish position (longs) advancing by 414 contracts to a weekly total of 76,080 contracts compared to the gross bearish position (shorts) which saw a reduction by -2,653 contracts for the week to a total of 100,605 contracts.
The net speculative position rebounded slightly after an eight-week streak of growing bearish bets. The latest data shows that copper speculator positions remained in an overall bearish standing for six straight weeks through January 22nd.
Copper Commercial Positions:
The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 22,223 contracts on the week. This was a weekly decrease of -4,682 contracts from the total net of 26,905 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 $265.95 which was an uptick of $2.50 from the previous close of $263.45, according to unofficial market data.
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