Copper Speculators reduced their bullish bets for 1st time in 3 weeks

March 16, 2019

March 16th – By CountingPips.comReceive our weekly COT Reports by Email

Copper Non-Commercial Speculator Positions:

Large precious metals speculators cut back on 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 25,567 contracts in the data reported through Tuesday March 12th. This was a weekly decrease of -5,689 net contracts from the previous week which had a total of 31,256 net contracts.

The week’s net position was the result of the gross bullish position (longs) decreasing by -4,659 contracts to a weekly total of 89,572 contracts compared to the gross bearish position (shorts) which saw a lift by 1,030 contracts for the week to a total of 64,005 contracts.


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The net speculative position had risen for two straight weeks and for six out of the previous seven weeks before this week’s retreat. The overall standing remains in bullish territory for the fifth consecutive week following eight weeks in bearish levels previously.

Copper Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -29,669 contracts on the week. This was a weekly uptick of 4,455 contracts from the total net of -34,124 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 $292.85 which was a fall of $-0.50 from the previous close of $293.35, 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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