Copper Non-Commercial Speculator Positions:
Large precious metals speculators pushed their bullish net positions higher in the Copper Futures markets this week after a recent slide, 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 5,312 contracts in the data reported through Tuesday, April 16th. This was a weekly increase of 2,298 net contracts from the previous week which had a total of 3,014 net contracts.
The week’s net position was the result of the gross bullish position (longs) growing by 2,742 contracts to a weekly total of 84,245 contracts that overcame the gross bearish position (shorts) which saw a gain by 444 contracts for the week to a total of 78,933 contracts.
The net speculative position had fallen in four out of the previous five weeks before this week’s slight rebound. The current standing remains in bullish territory for a tenth straight week but has not been above the +10,000 net contract level since March 19th.
Copper Commercial Positions:
Meanwhile, the commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -9,830 contracts on the week. This was a weekly drop of -1,387 contracts from the total net of -8,443 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 $2.930 which was a decrease of $-0.001 from the previous close of $2.931, according to unofficial market data.
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