June 29th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators added to their bearish net positions in the Copper futures markets after a pause in bearish sentiment last 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 -26,539 contracts in the data reported through Tuesday June 25th. This was a weekly change of -2,587 net contracts from the previous week which had a total of -23,952 net contracts.
The week’s net position was the result of the gross bullish position (longs) dropping by -8,958 contracts (to a weekly total of 73,297 contracts) while the gross bearish position (shorts) fell by a smaller amount of -6,371 contracts for the week (to a total of 99,836 contracts).
Copper bets had been on a steep downtrend before last week’s dip in bearish sentiment provided a pause in the recent streak. This week, however, now marks the ninth time out of the past ten weeks that bearish positions have increased and the position has changed by a total of -31,851 net contracts over that time-frame.
Free Reports:
The overall bearish sentiment for speculators has now been more than -20,000 net contracts for six straight weeks which is the longest such streak since May and June of 2016 (which topped out at 7 weeks).
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 22,162 contracts on the week. This was a weekly increase of 521 contracts from the total net of 21,641 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 $273.50 which was an uptick of $3.20 from the previous close of $270.30, 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