November 23rd – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators increased 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 -35,106 contracts in the data reported through Tuesday November 19th. This was a weekly change of -8,819 net contracts from the previous week which had a total of -26,287 net contracts.
The week’s net position was the result of the gross bullish position (longs) declining by -9,556 contracts (to a weekly total of 63,747 contracts) while the gross bearish position (shorts) fell by -737 contracts for the week (to a total of 98,853 contracts).
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Copper speculators added to their bearish bets for a second straight week and by a total of -11,795 contracts over that 2-week period. This follows a four-week stretch that had seen the bearish bets fall from a total of -47,255 contracts on October 15th to a twenty-four week low of -23,311 contracts on November 5th. The current bearish position is now back above the -35,000 net contract level for the first time in four weeks.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 32,554 contracts on the week. This was a weekly gain of 11,267 contracts from the total net of 21,287 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $265.65 which was a rise of $1.10 from the previous close of $264.55, 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