By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators lifted their bullish net positions in the Copper futures markets once again 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 67,841 contracts in the data reported through Tuesday September 22nd. This was a weekly gain of 9,234 net contracts from the previous week which had a total of 58,607 net contracts.
The week’s net position was the result of the gross bullish position (longs) advancing by 13,256 contracts (to a weekly total of 123,585 contracts) while the gross bearish position (shorts) rose by a lesser amount of 4,022 contracts for the week (to a total of 55,744 contracts).
The copper speculative positions continued their rise higher for the sixth straight week and for the twelfth time in the past fourteen weeks. The overall copper position has risen by a total of +34,208 contracts in just these past six weeks and has ascended to the most bullish standing since June 12th of 2018, a span of 119 weeks.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -68,912 contracts on the week. This was a weekly decline of -6,574 contracts from the total net of -62,338 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $3.059 which was a decline of $-0.004 from the previous close of $3.063, 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