By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators slightly cut back on their bullish net positions in the Copper futures markets this week following a strong runup, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 66,916 contracts in the data reported through Tuesday October 27th. This was a weekly dip of -349 net contracts from the previous week which had a total of 67,265 net contracts.
The week’s net position was the result of the gross bullish position (longs) dropping by -4,271 contracts (to a weekly total of 126,722 contracts) while the gross bearish position (shorts) fell by a lesser amount of -3,922 contracts for the week (to a total of 59,806 contracts).
The Copper speculative positions edged lower this week following gains in eight out of the previous ten weeks. This recent streak of rising bullish positions boosted the net position to the highest level in one hundred and nineteen weeks on September 22nd at a total of +67,841 contracts and also just below that same level last week at +67,265 contracts. Copper speculative bets turned bullish starting in early June and have gained in fifteen out of the past twenty-one weeks – culminating in the best levels in over two years.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -71,149 contracts on the week. This was a weekly loss of -2,100 contracts from the total net of -69,049 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $3.09 which was a drop of $-0.05 from the previous close of $3.14, 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