Copper Speculators Edged Their Bullish Net Positions Higher This Week
Zachary Storella | Oct 21, 2018 02:22AM ET
Copper Non-Commercial Speculator Positions:
Large metals speculators slightly raised 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 8,918 contracts in the data reported through Tuesday October 16th. This was a weekly lift of 671 contracts from the previous week which had a total of 8,247 net contracts.
The speculative position rose this week for the fourth time out of the past five weeks. The current standing is now in bullish territory for the fourth consecutive week after having spent three straight weeks in a bearish position through September 18th.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -8,958 contracts on the week. This was a weekly drop of -34 contracts from the total net of -8,924 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 $277.95 which was a decrease of $-2.70 from the previous close of $280.65, according to unofficial market data.
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