Copper Speculators Raised Their Bullish Bets for 4th Week to 116-Week High

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Copper Non-Commercial Speculator Positions: Copper Speculator Positions reach 116-week high

Large precious metals speculators boosted their bullish 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 55,750 contracts in the data reported through Tuesday September 8th. This was a weekly increase of 2,634 net contracts from the previous week which had a total of 53,116 net contracts.

The week’s net position was the result of the gross bullish position (longs) rising by 1,394 contracts (to a weekly total of 105,485 contracts) while the gross bearish position (shorts) fell by -1,240 contracts for the week (to a total of 49,735 contracts).

Copper speculators continued to push their bullish bets higher this week for the fourth straight week and for the tenth time out of the past twelve weeks. The copper sentiment has been on a strong run since speculator positions turned positive in early June and has now been in bullish territory for fourteen consecutive weeks. This week’s advance pushed the overall bullish level to the highest weekly standing since June 19th of 2018, a span of 116 weeks.

Copper Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -60,509 contracts on the week. This was a weekly shortfall of -194 contracts from the total net of -60,315 contracts reported the previous week.

Copper Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $3.0125 which was an uptick of $0.003 from the previous close of $3.0095, 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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