October 6th 2018 – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large metals speculators advanced their bullish net positions in the Copper futures markets again 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 11,975 contracts in the data reported through Tuesday October 2nd. This was a weekly gain of 871 contracts from the previous week which had a total of 11,104 net contracts.
The copper speculative position has now had gains in bullish bets for three straight weeks. The gains have pushed the net position into bullish territory for the second consecutive week following three straights weeks of the net position residing in bearish territory. The current standing is now at the most bullish level since July 10th.
Copper Commercial Positions:
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The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -13,272 contracts on the week. This was a weekly loss of -1,544 contracts from the total net of -11,728 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 $280.65 which was a loss of $-1.70 from the previous close of $282.35, 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
