Copper Speculators continued to raise their bearish bets for 8th week

June 15, 2019

June 15th – By CountingPips.comReceive our weekly COT Reports by Email

Copper Non-Commercial Speculator Positions:

Large precious metals speculators once again added to 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 -30,521 contracts in the data reported through Tuesday June 11th. This was a weekly change of -3,775 net contracts from the previous week which had a total of -26,746 net contracts.

The week’s net position was the result of the gross bullish position (longs) rising by 3,182 contracts (to a weekly total of 79,399 contracts) but being more than offset by the gross bearish position (shorts) which advanced by 6,957 contracts for the week (to a total of 109,920 contracts).


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The trend of lower speculator positions has now reached eighth straight weeks and has fallen by a total of -35,833 contracts over that time-frame. The copper position is now at the most bearish point since June 21st of 2016, a span of 155 weeks.

Copper Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 27,106 contracts on the week. This was a weekly uptick of 2,494 contracts from the total net of 24,612 contracts reported the previous week.

Copper Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $267.15 which was an increase of $0.25 from the previous close of $266.90, 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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