Copper Net Speculators raised bearish positions for 3rd week

(Before It's News)

By CountingPips.com | Weekly CFTC Net Speculator Report

Copper speculative positions declined last week

Copper Futures (CMX):  Copper speculators and large futures traders increased their net bearish bets last week for a third straight 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 Comex copper futures, traded by large speculators and hedge funds, totaled a net position of -12,319 contracts in the data reported through April 21st. This was a weekly change of -5,089 contracts from the previous week’s total of -7,230 net contracts that was registered on April 14th.

The rise in the bearish net speculator positions reflects a decline in the weekly bullish positions by -4,210 contracts combined with a rise in the weekly bearish positions by 879 contracts to register the weekly change of -5,089 contracts.

Over the weekly reporting time-frame, from Tuesday April 14th to Tuesday April 21st, the copper price was virtually unchanged from approximately $2.70 to $2.702, according to copper futures price data from investing.com.

Last 6 Weeks of Large Trader Non-Commercial Copper Positions

*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading 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).

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