July 27th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators cut back on 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 large speculators and hedge funds, totaled a net position of -24,049 contracts in the data reported through Tuesday July 23rd. This was a weekly change of 7,894 net contracts from the previous week which had a total of -31,943 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 2,742 contracts (to a weekly total of 76,464 contracts) and combined with the gross bearish position (shorts) which dropped by -5,152 contracts for the week (to a total of 100,513 contracts).
Starting April 23rd, speculators went into full bearish mode and pushed their net positions lower and lower for eleven out of twelve weeks to the most bearish level since June of 2016. The last two weeks has seen speculators take their foot off the gas as bearish positions have declined by a total of 15,938 contracts over that period. The current standing remains bearish but is below the -30,000 net contract level for the first time in three weeks.
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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 20,202 contracts on the week. This was a weekly loss of -8,375 contracts from the total net of 28,577 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 $270.0 which was virtually unchanged from the previous closing week, 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
