July 20th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators decreased their bearish net positions in the Copper futures markets this week following a strong run of higher bearish sentiment, 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 -31,943 contracts in the data reported through Tuesday July 16th. This was a weekly change of 8,044 net contracts from the previous week which had a total of -39,987 net contracts.
The week’s net position was the result of the gross bullish position (longs) decreasing by -2,874 contracts (to a weekly total of 73,722 contracts) while the gross bearish position (shorts) dropped by -10,918 contracts for the week (to a total of 105,665 contracts).
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The large speculators cooled off on their bearish sentiment a bit this week after pushing bearish positions higher for three straight weeks and for eleven out of the previous twelve weeks.
The current standing remains highly bearish with the net standing over the -30,000 contract level for a second straight week. Speculator positioning has deteriorated quite quickly over the past few months and has gone from a total of +2,126 net contracts on April 23rd to over -31,943 contracts on July 16th.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 28,577 contracts on the week. This was a weekly shortfall of -6,438 contracts from the total net of 35,015 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $270.00 which was a rise of $7.50 from the previous close of $262.50, 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