Commodities Buzz: Copper Speculators Yet Again Trim Bearish Bets

Commodities Buzz: Copper Speculators Yet Again Trim Bearish Bets

Nov 11, 2019 10:11 IST capital market

Large precious metals speculators once again trimmed their bearish net positions in the Copper futures markets last 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 -23,311 contracts in the data reported through Tuesday November 5th. This was a weekly change of 1,914 net contracts from the previous week. Copper speculators continued to reduce their bearish bets for the fourth straight week. The commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 20,249 contracts on the week. This was a weekly drop of -3,845 contracts.

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