Copper Speculators Reduced Bullish Bets For 3rd Week
Zachary Storella | Dec 16, 2018 12:16AM ET
Copper Non-Commercial Speculator Positions:
Large precious metals speculators continued to 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 7,247 contracts in the data reported through Tuesday December 11th. This was a weekly lowering of -3,436 net contracts from the previous week which had a total of 10,683 net contracts.
This week’s net position was the result of the gross bullish position declining by -3,041 contracts to a weekly total of 72,307 contracts compared to the gross bearish position which saw a increase by 395 contracts for the week to a total of 65,060 contracts.
Copper’s net spec position has now fallen for three straight weeks and for the fourth time out of the past five weeks. The current standing remains in a small bullish position below the +10,000 net contract level.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -6,806 contracts on the week. This was a weekly rise of 5,047 contracts from the total net of -11,853 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 $276.70 which was a gain of $0.80 from the previous close of $275.90, according to unofficial market data.
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