June 7th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators once again decreased their bearish 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 -26,746 contracts in the data reported through Tuesday June 4th. This was a weekly reduction of -2,913 net contracts from the previous week which had a total of -23,833 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 2,433 contracts (to a weekly total of 76,217 contracts) but being overcome by the gross bearish position (shorts) which gained by 5,346 contracts for the week (to a total of 102,963 contracts).
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The net speculative position declined for a seventh straight week this week and fallen by a total of -32,058 contracts over that period. Copper speculator levels have seen a swift drop into a downturn after having gone bullish in early February and then peaking on March 5th with a total of +31,356 contracts.
The standing of speculator positions has now been in an overall bearish level for six weeks and is currently at the most bearish position since January 15th of this year (a span of 20 weeks).
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 24,612 contracts on the week. This was a weekly uptick of 1,522 contracts from the total net of 23,090 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $266.90 which was a loss of $-2.70 from the previous close of $269.60, 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