01 Dec

Copper Speculators trimmed their bullish bets this week

December 1, 2018

December 1st 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

Copper Non-Commercial Speculator Positions:

Large precious 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 10,692 contracts in the data reported through Tuesday November 27th. This was a weekly fall of -1,910 net contracts from the previous week which had a total of 12,602 net contracts.

This week’s net position was the result of the gross bullish position tumbling by -3,956 contracts to a weekly total of 76,742 contracts compared to the gross bearish position which saw a reduction by -2,046 contracts for the week tot a total of 66,050 contracts .

The speculative position dip this week followed a strong gain (+9,187 contracts) in bullish bets last week. The current standing remains in a small bullish position and marks a tenth straight week in bullish territory after crossing from bearish to bullish on September 25th.

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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 -10,236 contracts on the week. This was a weekly boost of 2,888 contracts from the total net of -13,124 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 $272.60 which was a shortfall of $-4.05 from the previous close of $276.65, 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).

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