November 16th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators raised 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 -26,287 contracts in the data reported through Tuesday November 12th. This was a weekly change of -2,976 net contracts from the previous week which had a total of -23,311 net contracts.
The week’s net position was the result of the gross bullish position (longs) sinking by -8,349 contracts (to a weekly total of 73,303 contracts) while the gross bearish position (shorts) fell by a lesser amount of -5,373 contracts for the week (to a total of 99,590 contracts).
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Copper speculators increased their bearish bets following four straight weeks of declining bearish positions that had brought the overall position from a total of -48,093 contracts on October 8th to -23,311 contracts last week. The current bearish position remains right around the -25,000 net contract level for a third straight week. This is less than half the total of where it was in early September when positions hit a record bearish level at -58,841 contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 21,287 contracts on the week. This was a weekly uptick of 1,038 contracts from the total net of 20,249 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $264.55 which was a drop of $-5.50 from the previous close of $270.05, 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