Copper Speculators Reduced Their Positions To Lowest Since Oct. 2016
Zachary Storella | Aug 12, 2018 01:57AM ET
Copper Futures Non-Commercial Speculator Positions:
Large precious metals speculators 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 2,190 contracts in the data reported through Tuesday August 7th. This was a weekly lowering of -6,034 contracts from the previous week which had a total of 8,224 net contracts.
The copper speculative position declined for a second straight week and for the seventh time out of the past eight weeks. The overall net position is at the lowest standing since October 25th of 2016 when positions were at -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 -5,456 contracts on the week. This was a weekly boost of 3,969 contracts from the total net of -9,425 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 $275.2 which was a drop of $-7.95 from the previous close of $283.15, according to unofficial market data.
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