Copper Speculators Pared Their Bullish Net Positions For 5th Week
Zachary Storella | Jul 22, 2018 12:59AM ET
Copper Non-Commercial Speculator Positions:
Large metals speculators once again lowered 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 9,113 contracts in the data reported through Tuesday July 17th. This was a weekly lowering of -5,070 contracts from the previous week which had a total of 14,183 net contracts.
Speculative positions have declined for five straight weeks (a total of -61,424 contracts) and have now fallen to the lowest overall standing since May 16th of 2017 when the bullish bets totaled 8,646 contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -12,563 contracts on the week. This was a weekly increase of 4,175 contracts from the total net of -16,738 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 $274.7 which was a loss of $-9.25 from the previous close of $283.95, according to unofficial market data.
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