Copper Speculators Reduced Bets This Week, Remain In Small Bullish Position
Zachary Storella | Nov 18, 2018 01:52AM ET
Copper Non-Commercial Speculator Positions:
Large precious metals speculators cut back on 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 3,415 contracts in the data reported through Tuesday November 13th. This was a weekly decrease of -2,971 net contracts from the previous week which had a total of 6,386 net contracts.
This week’s net position was the result of the gross bullish position gaining by 22 contracts to a weekly total of 73,469 contracts compared to the gross bearish position total of 70,054 contracts which saw a lift by 2,993 contracts for the week.
The speculative copper bets have fallen for two out of the past three weeks and remains in a small bullish position. The current standing is in its eighth straight week in bullish territory since turning bullish on September 25th.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -3,752 contracts on the week. This was a weekly rise of 3,025 contracts from the total net of -6,777 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 $268.70 which was a decline of $-4.55 from the previous close of $273.25, according to unofficial market data.
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