Copper Non-Commercial Speculator Positions:
Large precious metals speculators slightly increased 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 3,088 contracts in the data reported through Tuesday August 14th. This was a weekly advance of 898 contracts from the previous week which had a total of 2,190 net contracts.
The speculative bullish position had fallen for two straight weeks and for seven out of the previous eight weeks before this week’s small turnaround. The overall bullish standing has now remained under the +10,000 net contract level for the past five weeks.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -6,064 contracts on the week. This was a weekly drop of -608 contracts from the total net of -5,456 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $268.2 which was a drop of $-7.0 from the previous close of $275.2, according to unofficial market data.