Commodities Buzz: Copper Speculative Longs Up From Nine Month Low

Large metals speculators added to 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 20,910 contracts in the data reported through Tuesday April 3rd. This was a weekly increase of 1,723 contracts. Speculative positions had fallen for three straight weeks and dropped to the lowest position in nearly nine months before the latest increase. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -25,277 contracts on the week. This was a weekly increase of 1,016 contracts from the total net of -26,293 contracts reported the previous week.