Copper Speculators Lifted Bullish Net Positions After 2 Down Weeks
Zachary Storella | May 20, 2018 02:41AM ET
Copper Non-Commercial Speculator Positions:
Large metals speculators 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 36,355 contracts in the data reported through Tuesday May 15th. This was a weekly lift of 2,903 contracts from the previous week which had a total of 33,452 net contracts.
Speculative positions rebounded this week after declining for two weeks in a row. The overall net position has remained above the +30,000 net contract level for five consecutive weeks.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -41,277 contracts on the week. This was a weekly loss of -2,050 contracts from the total net of -39,227 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 $305.60 which was a decline of $-0.30 from the previous close of $305.90, according to unofficial market data.
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