Copper Speculators Edged Bullish Net Positions Higher After 5 Down Weeks
Zachary Storella | Jul 29, 2018 02:11AM ET
Copper Futures Non-Commercial Speculator Positions:
Large precious metals speculators slightly advanced their bullish net positions in the Copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 9,367 contracts in the data reported through Tuesday July 24th. This was a weekly lift of 254 contracts from the previous week which had a total of 9,113 net contracts.
Speculative positions had fallen for five consecutive weeks to the lowest level since May 16th of 2017 before this week’s slight rebound. The overall net position remains under the +10,000 contract level for a second straight week.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -11,103 contracts on the week. This was a weekly advance of 1,460 contracts from the total net of -12,563 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 $281.05 which was an advance of $6.35 from the previous close of $274.7, according to unofficial market data.
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