Copper Speculators renewed their bearish bets to record high bearish level

August 31, 2019

August 31st – By CountingPips.comReceive our weekly COT Reports by Email

Copper Non-Commercial Speculator Positions:

Large precious metals speculators sharply boosted 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 -58,480 contracts in the data reported through Tuesday August 27th. This was a weekly change of -9,535 net contracts from the previous week which had a total of -48,945 net contracts.

The week’s net position was the result of the gross bullish position (longs) sliding by -2,694 contracts (to a weekly total of 72,795 contracts) while the gross bearish position (shorts) rose by 6,841 contracts for the week (to a total of 131,275 contracts).


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The copper speculative position is now at the most bearish level on record, just surpassing the previous record that was recorded three weeks ago. Following the previous record high on August 6th, speculators had reduced their bearish positions for two straight weeks before this week’s resurgence. Copper speculator positions have now been in bearish territory for eighteen straight weeks dating back to 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 55,885 contracts on the week. This was a weekly advance of 8,648 contracts from the total net of 47,237 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 $255.30 which was a decrease of $-2.50 from the previous close of $257.80, 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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