Copper Speculators Edged Their Bullish Net Positions Lower This Week
Zachary Storella | Jun 03, 2018 02:53AM ET
Copper Non-Commercial Speculator Positions:
Large precious metals speculators decreased 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 37,600 contracts in the data reported through Tuesday May 29th. This was a weekly decline of -1,412 contracts from the previous week which had a total of 39,012 net contracts.
Speculative bets had risen in the previous two weeks before this week’s slight turnaround. The overall net position remains above the +30,000 contract level for a seventh consecutive week.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -41,235 contracts on the week. This was a weekly gain of 2,514 contracts from the total net of -43,749 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 $306.25 which was a decrease of $-6.95 from the previous close of $313.2, according to unofficial market data.
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