March 9th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators continued to raise 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 data is all caught up now after delays in previous weeks due to the government shutdown.
The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 31,256 contracts in the data reported through Tuesday March 5th. This was a weekly boost of 8,872 net contracts from the previous week which had a total of 22,384 net contracts.
The week’s net position was the result of the gross bullish position (longs) decreasing by -2,751 contracts to a weekly total of 94,231 contracts but being more than offset by the gross bearish position (shorts) which saw a drop by -11,623 contracts for the week to a total of 62,975 contracts.
The speculative net position has been on a strong streak of gains with six out of the past seven weeks seeing higher levels. The spec level has gone from -24,525 contracts on January 22nd to a total of 31,256 contracts this week and is now at the best bullish position since June 26th of 2018.
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Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -34,124 contracts on the week. This was a weekly decline of -7,503 contracts from the total net of -26,621 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $293.35 which was a loss of $-1.70 from the previous close of $295.05, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email