By CountingPips.com | Weekly CFTC COT Copper Report
Non-Commercial Positions:
Copper speculators and large futures traders decreased their net bearish bets last week after four straight weeks of increasing bearish positions, 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 just -452 contracts in the data reported through May 5th. This was a weekly change of +15,631 contracts from the previous week’s total of -16,083 net contracts that was registered on April 28th.
The reduction in the bearish net speculator positions reflects a gain in the weekly bullish positions by 13,025 contracts that combined with a decline in the weekly bearish positions by 2,606 contracts to register the net weekly change of +15,631 contracts.
Over the weekly reporting time-frame, from Tuesday April 28th to Tuesday May 5th, the copper price rose from approximately $2.78 to $2.93, 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) decreased their overall bullish positions to a net total position of +3,678 contracts through May 5th. This is a weekly change of -16,618 contracts from the total net of +20,296 contracts on April 28th.
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 |
| 03/31/2015 | 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 |
| 05/05/2015 | 166179 | 63530 | 63982 | 78884 | 75206 | 3678 | -16618 | -452 | 15631 |
*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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