Copper Speculators reduced their positions to lowest since Oct. 2016

August 11, 2018

August 11, 2018 – By CountingPips.comReceive our weekly COT Reports by Email

Copper 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.


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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.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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