May 4th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators cut back on their net positions in the Copper futures markets this week and pushed bets into a small bearish level, 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 -133 contracts in the data reported through Tuesday April 30th. This was a weekly decrease of -2,259 net contracts from the previous week which had a total of 2,126 net contracts.
The week’s net position was the result of the gross bullish position (longs) decreasing by -3,484 contracts to a weekly total of 79,599 contracts which outnumbered the gross bearish position (shorts) that fell by a smaller amount of -1,225 contracts for the week to a total of 79,732 contracts.
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The net speculative position declined for a second straight week and for the third time in the past four weeks. Copper bets have now edged into bearish territory for the first time since February 5th and after having spent the previous eleven weeks in bullish territory.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -4,799 contracts on the week. This was a weekly rise of 4,066 contracts from the total net of -8,865 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $290.40 which was a rise of $1.05 from the previous close of $289.35, 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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