By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators added to their bearish net positions in the Copper futures markets in late December, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
This latest COT data is from late in December due to the government shutdown which halted the releases. The CFTC will be releasing data on Tuesdays and Fridays going forward until the data is back up to date.
The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -9,852 contracts in the data reported through Tuesday December 24th. This was a decrease of -7,174 net contracts from the previous week which had a total of -2,678 net contracts.
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The week’s net position was the result of the gross bullish position (longs) trimming their bets by -3,172 contracts to a weekly total of 73,635 contracts compared to the gross bearish position which saw traders raise their shorts by 4,002 contracts for the week to a total of 83,487 contracts.
The copper speculative position fell for five straight weeks in the latest data and pushed the overall spec position into a bearish net level for a second straight week.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 9,214 contracts on the week. This was a weekly increase of 7,550 contracts from the total net of 1,664 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $266.1 which was a loss of $-0.35 from the previous close of $266.45, 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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