September 21st – 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 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 -36,950 contracts in the data reported through Tuesday September 17th. This was a weekly change of 4,236 net contracts from the previous week which had a total of -41,186 net contracts.
The week’s net position was the result of the gross bullish position (longs) lowering by -2,102 contracts (to a weekly total of 75,083 contracts) while the gross bearish position (shorts) dropped by a greater amount of -6,338 contracts for the week (to a total of 112,033 contracts).
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Copper speculators have pulled back on their bearish bets for a second straight week and by a total of 21,891 contracts in just these two weeks. Previously, speculators had been strongly adding to bearish positions and pushed the overall standing to to all-time record highs on consecutive weeks with the new record standing at a total of -58,841 contracts on September 3rd.
The current level remains very bearish and has now been in bearish or short territory for twenty-one straight weeks dating back to April 30th.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 32,692 contracts on the week. This was a weekly shortfall of -7,729 contracts from the total net of 40,421 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $262.70 which was a decrease of $-0.10 from the previous close of $262.80, 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