August 3rd – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators resumed their bearish stance 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 -28,755 contracts in the data reported through Tuesday July 30th. This was a weekly change of -4,706 net contracts from the previous week which had a total of -24,049 net contracts.
The week’s net position was the result of the gross bullish position (longs) increasing by 870 contracts (to a weekly total of 77,334 contracts) while the gross bearish position (shorts) overshadowed the longs and rose by 5,576 contracts for the week (to a total of 106,089 contracts).
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The past two weeks had provided a strong pullback (+15,938 contracts over that period) on bearishness before this week’s resumption back into higher bearish levels.
Large speculator bets have been on a strong bearish trend over the past few months with the net speculator positions going from +2,126 contracts on April 23rd to a total of -28,755 contracts this week. This included a streak of higher bearish bets in eleven out of twelve weeks (from April 23rd to July 9th) that pushed the speculator sentiment to the most bearish level since June of 2016.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 24,737 contracts on the week. This was a weekly uptick of 4,535 contracts from the total net of 20,202 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $267.85 which was a shortfall of $-2.15 from the previous close of $270.0, 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