Copper Speculators Sharply Dropped Bullish Bets After 2 Strong Weeks
Zachary Storella | Jun 24, 2018 02:25AM ET
Copper Futures Non-Commercial Speculator Positions:
Large metals speculators decreased 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 56,311 contracts in the data reported through Tuesday June 19th. This was a weekly lowering of -14,226 contracts from the previous week which had a total of 70,537 net contracts.
The copper speculative position saw the largest one-week drop since December and follows two weeks of strong gains (+10,107 contracts and +22,830 contracts). The overall position remains firmly bullish and over the +50,000 net contract level for a second week.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -61,985 contracts on the week. This was a weekly uptick of 9,541 contracts from the total net of -71,526 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 $304.70 which was a decrease of $-20.25 from the previous close of $324.95, according to unofficial market data.
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