Sept. 29, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large metals speculators increased their bets in favor of Copper in the 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 11,104 contracts in the data reported through Tuesday September 25th. This was a weekly lift of 11,295 contracts from the previous week which had a total of -191 net contracts.
This week’s jump into a new bullish position marks a second week in a row that speculator’s sentiment improved for Copper. The current standing is now at the highest bullish level in eleven weeks after the net position had been in bearish territory for four out of the past five weeks.
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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 -11,728 contracts on the week. This was a weekly fall of -13,609 contracts from the total net of 1,881 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $282.35 which was a boost of $9.3 from the previous close of $273.05, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email