December 14th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators strongly 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 -17,148 contracts in the data reported through Tuesday December 10th. This was a weekly change of 20,559 net contracts from the previous week which had a total of -37,707 net contracts.
The week’s net position was the result of the gross bullish position (longs) jumping by 15,006 contracts (to a weekly total of 79,231 contracts) while the gross bearish position (shorts) fell by -5,553 contracts for the week (to a total of 96,379 contracts).
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Copper speculators sharply reduced their bearish bets this week by the largest one-week amount since February. This decrease in bearish contracts brings the overall speculative position (-17148 contracts) to the least bearish standing in thirty-one weeks, dating back to May of this year.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 16,102 contracts on the week. This was a weekly loss of -19,526 contracts from the total net of 35,628 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $276.55 which was a boost of $14.25 from the previous close of $262.30, 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).
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