April 27th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators decreased 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 2,126 contracts in the data reported through Tuesday April 23rd. This was a weekly fall of -3,186 net contracts from the previous week which had a total of 5,312 net contracts.
The week’s net position was the result of the gross bullish position (longs) sliding by -1,162 contracts to a weekly total of 83,083 contracts in addition to the gross bearish position (shorts) which had an increase by 2,024 contracts for the week to a total of 80,957 contracts.
The net speculative position dipped this week after a gain in bullish bets last week and have now fallen for five out of the past seven weeks. The Copper speculator sentiment has remained in bullish territory for eleven straight weeks but it is barely above negative territory as the current standing is at just +2,126 net contracts.
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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 -8,865 contracts on the week. This was a weekly gain of 965 contracts from the total net of -9,830 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 $289.35 which was a decrease of $-3.70 from the previous close of $293.05, 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
