June 1st – 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 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 hedge funds and other large speculators, totaled a net position of -23,833 contracts in the data reported through Tuesday May 28th. This was a weekly change of -2,114 net contracts from the previous week which had a total of -21,719 net contracts.
The week’s net position was the result of the gross bullish position (longs) increasing by 1,294 contracts (to a weekly total of 73,784 contracts) while the gross bearish position (shorts) rose by 3,408 contracts for the week (to a total of 97,617 contracts).
Speculator sentiment for Copper has taken a hit and continued on its decline for a sixth consecutive week. It is at the most bearish level since January 22nd as the net position has shed a total of -29,145 contracts over the past six weeks.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Copper positions have now been in bearish territory for five straight weeks which is the first time this has happened since an eight week streak from December 18th to February 5th of this year.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 23,090 contracts on the week. This was a weekly gain of 3,692 contracts from the total net of 19,398 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 $269.60 which was a fall of $-1.90 from the previous close of $271.50, 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
