Copper Speculator bullish bets were virtually unchanged this week

December 10, 2018

December 10th – By CountingPips.comReceive our weekly COT Reports by Email

Copper Non-Commercial Speculator Positions:

Large precious metals speculators very slightly decreased their bullish net positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday which was a delay due to former President George H.W. Bush’s funeral last week.

The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 10,683 contracts in the data reported through Tuesday December 4th. This was a weekly fall of -9 net contracts from the previous week which had a total of 10,692 net contracts.

The week’s net position was the result of the gross bullish position declining by -1,394 contracts to a weekly total of 75,348 contracts compared to the gross bearish position total of 64,665 contracts which saw a decline by -1,385 contracts for the week.


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The speculative position has seen a slight pull back over the past two weeks. The current spec standing remains right around the +10,000 net contract level for a third straight week and has now been in bullish territory for eleven straight weeks.

Copper Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -11,853 contracts on the week. This was a weekly fall of -1,617 contracts from the total net of -10,236 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 $275.90 which was a boost of $3.30 from the previous close of $272.60, 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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