Large base metals speculators sharply increased their net long 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 73771 net contracts in the data reported through November 23rd 2020. This was a weekly jump of 6609 net contracts and took the net longs to more than two decade high. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -78689 contracts, recording a weekly change of -6771 net contracts.
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