July 13th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators sharply raised 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 -39,987 contracts in the data reported through Tuesday July 9th. This was a weekly change of -10,771 net contracts from the previous week which had a total of -29,216 net contracts.
The week’s net position was the result of the gross bullish position (longs) adding just 118 contracts (to a weekly total of 76,596 contracts) while the gross bearish position (shorts) gained by 10,889 contracts for the week (to a total of 116,583 contracts).
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The large speculators have now pushed their bearish positions higher for a third consecutive week and for the eleventh time out of the past twelve weeks. The current speculator positioning is at the most bearish level since June 21st of 2016, a span of 160 weeks.
The net position had been improving with rising bullish bets in February and March before sentiment soured at the end of April. Speculator bets have now dropped from a bullish level of +31,256 contracts on March 5th to this week’s level of -39,987 contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 35,015 contracts on the week. This was a weekly increase of 9,988 contracts from the total net of 25,027 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $262.50 which was a decline of $-3.90 from the previous close of $266.40, 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