Copper Speculators sharply cut back on bearish bets after record high

September 14, 2019

September 14th – By CountingPips.comReceive our weekly COT Reports by Email

Copper Non-Commercial Speculator Positions:

Large precious metals speculators strongly reduced 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 -41,186 contracts in the data reported through Tuesday September 10th. This was a weekly change of 17,655 net contracts from the previous week which had a total of -58,841 net contracts.

The week’s net position was the result of the gross bullish position (longs) increasing by 1,086 contracts (to a weekly total of 77,185 contracts) while the gross bearish position (shorts) dropped by -16,569 contracts for the week (to a total of 118,371 contracts).


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Copper speculators cut back on their bearish positions by the largest one-week amount in the past twenty-eight weeks. The speculative position had risen to a new all-time record high bearish position for two consecutive weeks previously. Overall, the copper standing has now been in bearish territory for only twenty straight weeks but the strength of bearish sentiment accelerated quickly and resulted in record levels before this week’s turnaround.

Copper Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 40,421 contracts on the week. This was a weekly decline of -18,576 contracts from the total net of 58,997 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 $262.80 which was an increase of $10.00 from the previous close of $252.80, 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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