Copper Speculators Slightly Cut Back On Their Bullish Bets This Week
Zachary Storella | Aug 05, 2018 01:44AM ET
Copper Futures Non-Commercial Speculator Positions:
Large metals speculators reduced 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 8,224 contracts in the data reported through Tuesday July 31st. This was a weekly fall of -1,143 contracts from the previous week which had a total of 9,367 net contracts.
Speculative bullish positions declined slightly this week and have now fallen for six out of the previous seven weeks. The overall current net level is at the lowest standing since May 9th of 2017 when the net positions totaled 8,081 contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -9,425 contracts on the week. This was a weekly rise of 1,678 contracts from the total net of -11,103 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 $283.15 which was a boost of $2.10 from the previous close of $281.05, according to unofficial market data.
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