May11th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators added to their bearish bets 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 -12,878 contracts in the data reported through Tuesday May 7th. This was a weekly change of -12,745 net contracts from the previous week which had a total of -133 net contracts.
The week’s net position was the result of the gross bullish position (longs) declining by -5,977 contracts to a weekly total of 73,622 contracts in addition to the gross bearish position (shorts) which rose by 6,768 contracts for the week to a total of 86,500 contracts.
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The net speculative position declined for the third straight week and for the fourth time out of the past five weeks. The specs have now pushed their net position to the most bearish level since January 22nd. The copper speculator sentiment had stayed in positive territory from February 12th to April 23rd before falling back into bearish standing on April 30th.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 8,603 contracts on the week. This was a weekly uptick of 13,402 contracts from the total net of -4,799 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $278.55 which was a decline of $-11.85 from the previous close of $290.40, 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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