Commodities Buzz: Copper Speculative Longs Fall To Nine Month Low

Large precious metals speculators sharply trimmed their bullish 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 19,187 contracts in the data reported through Tuesday March 27th. This was a weekly drop of -11,674 contracts. Speculative positions have now fallen for three straight weeks and the overall bullish level has fallen to the lowest position in nearly nine months. Meanwhile, the commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -26,293 contracts on the week. This was a weekly jump of 14,315 contracts.