By CountingPips.com | Weekly CFTC COT Copper Report
Non-Commercial Positions:
Copper speculators and large futures traders raised their net bearish bets last week for a fourth consecutive 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 Comex copper futures, traded by large speculators and hedge funds, totaled a net position of -16,083 contracts in the data reported through April 28th. This was a weekly change of -3,764 contracts from the previous week’s total of -12,319 net contracts that was registered on April 21st.
The increase in the bearish net speculator positions reflects a small rise in the weekly bullish positions by just 22 contracts that was offset by an increase in the weekly bearish positions by 3,786 contracts to register the net weekly change of -3,764 contracts.
Over the weekly reporting time-frame, from Tuesday April 21st to Tuesday April 28th, the copper price advanced from approximately $2.70 to $2.78, according to copper futures price data from investing.com.
Free Reports:
Commercial Positions:
In the commercial positions for copper on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) raised their overall bullish positions to a net total position of +20,296 contracts through April 28th. This is a weekly change of +4,868 contracts from the total net of +15,428 contracts on April 21st.
Last 6 Weeks of Trader Positions
| Date | Open Interest | Specs Long | Specs Short | Com Long | Com Short | Net Com | Com Chg | Net Specs | Specs Chg |
| 03/24/2015 | 165590 | 58237 | 67317 | 81659 | 64083 | 17576 | -10594 | -9080 | 8467 |
| 03/31/2015 | 170125 | 60278 | 64432 | 82059 | 69145 | 12914 | -4662 | -4154 | 4926 |
| 04/07/2015 | 171006 | 58765 | 63761 | 82527 | 71351 | 11176 | -1738 | -4996 | -842 |
| 04/14/2015 | 165760 | 54693 | 61923 | 81400 | 66570 | 14830 | 3654 | -7230 | -2234 |
| 04/21/2015 | 157721 | 50483 | 62802 | 79538 | 64110 | 15428 | 598 | -12319 | -5089 |
| 04/28/2015 | 154447 | 50505 | 66588 | 81832 | 61536 | 20296 | 4868 | -16083 | -3764 |
*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading 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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