Copper Speculators Pushed Bets Back Into An Overall Bearish Position
Zachary Storella | Sep 09, 2018 01:47AM ET
Copper Non-Commercial Speculator Positions:
Large metals speculators reduced their bets in the Copper Futures markets this week and dropped the overall position back into bearish territory, 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 -5,977 contracts in the data reported through Tuesday September 4th. This was a weekly decline of -6,268 contracts from the previous week which had a total of 291 net contracts.
The speculator position this week dipped into bearish territory for the second time out of the past three weeks. Overall, the current standing is at the most bearish level since October 25th 2016 when net positions totaled -13,754 contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 5,006 contracts on the week. This was a weekly increase of 5,831 contracts from the total net of -825 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 $260.2 which was a shortfall of $-15.65 from the previous close of $275.85, according to unofficial market data.
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