November 9th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators once again cut back on 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 -23,311 contracts in the data reported through Tuesday November 5th. This was a weekly change of 1,914 net contracts from the previous week which had a total of -25,225 net contracts.
The week’s net position was the result of the gross bullish position (longs) gaining by 4,838 contracts (to a weekly total of 81,652 contracts) while the gross bearish position (shorts) rose by a lesser amount of 2,924 contracts for the week (to a total of 104,963 contracts).
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Copper speculators continued to reduce their bearish bets for the fourth straight week and now by a total of 24,782 contracts over these past four weeks. The current bearish position (-23,311 contracts) is now less than half of the recent record high bearish position that was recorded on September 3rd at a total of -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 20,249 contracts on the week. This was a weekly decline of -3,845 contracts from the total net of 24,094 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $270.05 which was an uptick of $0.90 from the previous close of $269.15, 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