November 2nd – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators 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 -25,225 contracts in the data reported through Tuesday October 29th. This was a weekly change of 16,348 net contracts from the previous week which had a total of -41,573 net contracts.
The week’s net position was the result of the gross bullish position (longs) gaining by 8,070 contracts (to a weekly total of 76,814 contracts) while the gross bearish position (shorts) dropped by -8,278 contracts for the week (to a total of 102,039 contracts).
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The copper speculators decreased their bearish bets for a third straight week and by a total of +22,868 contracts over that time-frame. Recently, the bearish position had risen to a record high on September 3rd at -58,841 contracts and had mostly remained at an elevated bearish level above the -40,000 contract threshold through last week. The decline in the bearish levels this week brings the overall standing (-25,225 contracts) to the least bearish position since July 23rd.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 24,094 contracts on the week. This was a weekly drop of -16,746 contracts from the total net of 40,840 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $269.15 which was a gain of $5.85 from the previous close of $263.30, 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