Copper Speculators dropped their bullish bets this week after 2 weeks of gains

November 3, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

Copper Non-Commercial Speculator Positions:

Large metals speculators cut back on 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 non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 667 contracts in the data reported through Tuesday October 30th. This was a weekly reduction of -8,680 contracts from the previous week which had a total of 9,347 net contracts.

The speculative copper position had been on the increase for the previous two weeks and for five out of the previous six weeks before this week’s retreat. The current standing is now at a tiny bullish level (+667 contracts) and marks the lowest position in six weeks.

Copper Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -2,321 contracts on the week. This was a weekly boost of 7,689 contracts from the total net of -10,010 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 $266.40 which was a decrease of $-9.40 from the previous close of $275.80, 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