April 6th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators added to 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 4,556 contracts in the data reported through Tuesday April 2nd. This was a weekly gain of 2,614 net contracts from the previous week which had a total of 1,942 net contracts.
The week’s net position was the result of the gross bullish position (longs) gaining by 6,111 contracts to a weekly total of 81,945 contracts that overcame the gross bearish position (shorts) which saw a boost by 3,497 contracts for the week to a total of 77,389 contracts.
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The net speculative position had fallen sharply over the previous three weeks (by a total of -29,314 contracts) that brought the overall net position close to bearish territory. The current standing remains in a small bullish position while, overall, the copper speculator positioning has now been in bullish territory for eight 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 -10,781 contracts on the week. This was a weekly fall of -5,909 contracts from the total net of -4,872 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $290.55 which was a gain of $5.15 from the previous close of $285.40, 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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