June 22nd – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators cut back on their bearish net positions in the Copper futures markets this week after a streak of rising bearish bets, 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 -23,952 contracts in the data reported through Tuesday June 18th. This was a weekly change of 6,569 net contracts from the previous week which had a total of -30,521 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 2,856 contracts (to a weekly total of 82,255 contracts) while the gross bearish position (shorts) fell by -3,713 contracts for the week (to a total of 106,207 contracts).
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The large speculators had been boosting their bearish bets for eight straight weeks (by a total of -35,833 contracts) and to the most bearish standing of the last 155 weeks before this week’s turnaround. Overall, the Copper spec position has now been in a bearish level for eight weeks and above the -20,000 contract threshold for five consecutive weeks.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 21,641 contracts on the week. This was a weekly loss of -5,465 contracts from the total net of 27,106 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $270.30 which was a gain of $3.15 from the previous close of $267.15, 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