March 30th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators continued to reduce 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 1,942 contracts in the data reported through Tuesday March 26th. This was a sharp weekly decline of -14,413 net contracts from the previous week which had a total of 16,355 net contracts.
The week’s net position was the result of the gross bullish position (longs) lowering by -6,931 contracts to a weekly total of 75,834 contracts that combined with the gross bearish position (shorts) which saw a gain by 7,482 contracts for the week to a total of 73,892 contracts.
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The net speculative position fell for the third straight week and by a total of -29,314 contracts over that period. Copper speculator bets are at the lowest level of the past five weeks and have fallen back into a virtual neutral position. Bets had rebounded in February and March after spending December and January in bearish territory.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -4,872 contracts on the week. This was a weekly rise of 16,197 contracts from the total net of -21,069 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $285.40 which was a drop of $-6.90 from the previous close of $292.30, 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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