October 12th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators raised their bearish 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 -48,093 contracts in the data reported through Tuesday October 8th. This was a weekly change of -1,320 net contracts from the previous week which had a total of -46,773 net contracts.
The week’s net position was the result of the gross bullish position (longs) tumbling by -1,387 contracts (to a weekly total of 69,884 contracts) while the gross bearish position (shorts) fell slightly by -67 contracts for the week (to a total of 117,977 contracts).
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Copper speculators added to their bearish bets for a 3rd consecutive week. The overall bearish level is now at the highest standing since the recent record high short position reached on September 3rd at a total of -58,841 contracts. Copper speculative contracts have now been in bearish territory for twenty-four straight weeks.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 47,981 contracts on the week. This was a weekly boost of 4,935 contracts from the total net of 43,046 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $256.85 which was a gain of $0.80 from the previous close of $256.05, 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).
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