September 28th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators increased their bearish net positions in the Copper futures markets this week for the first time in three weeks, 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 -40,739 contracts in the data reported through Tuesday September 24th. This was a weekly change of -3,789 net contracts from the previous week which had a total of -36,950 net contracts.
The week’s net position was the result of the gross bullish position (longs) decreasing by -3,878 contracts (to a weekly total of 71,205 contracts) while the gross bearish position (shorts) fell by just -89 contracts for the week (to a total of 111,944 contracts).
Copper speculators raised their bearish bets after two weeks of declining bearish positions. The net position had reached an all-time bearish record high on August 3rd at a level of -58,841 contracts before specs pared their bets in the next two weeks. The current standing is back over the -40,000 net contract level this week for the seventh time out of the past eight weeks.
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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 37,358 contracts on the week. This was a weekly advance of 4,666 contracts from the total net of 32,692 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 $260.65 which was a decrease of $-2.05 from the previous close of $262.70, 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
