May 25th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators continued to push their bets deeper into bearish territory 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 -21,719 contracts in the data reported through Tuesday May 21st. This was a weekly change of -2,353 net contracts from the previous week which had a total of -19,366 net contracts.
The week’s net position was the result of the gross bullish position (longs) sinking by -889 contracts (to a weekly total of 72,490 contracts) while the gross bearish position (shorts) gained by 1,464 contracts for the week (to a total of 94,209 contracts).
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The net speculative position has now had increasing bearish bets for five straight weeks (by a total of -27,031 contracts) and for six out of the past seven weeks. The current standing is at the most bearish level since January 29th when the net positions stood at -21,913 contracts.
The copper price, strongly correlated to the net speculator position, has been on the decline lower and is almost down by 20 percent from its January high.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 19,398 contracts on the week. This was a weekly rise of 3,686 contracts from the total net of 15,712 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $271.50 which was a fall of $-1.00 from the previous close of $272.50, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email