Copper Non-Commercial Speculator Positions:
Large metals speculators 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 39,012 contracts in the data reported through Tuesday May 22nd. This was a weekly boost of 2,657 contracts from the previous week which had a total of 36,355 net contracts.
Speculative positions have gained for the past two weeks following two weeks of losses. The overall net bullish position remains just a bit under the +40,000 contract level for a fourth 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 -43,749 contracts on the week. This was a weekly decrease of -2,472 contracts from the total net of -41,277 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $313.20 which was an uptick of $7.60 from the previous close of $305.60, according to unofficial market data.
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