Base Metals Preview: Copper Sees Steady Speculative Demand

Large precious 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 23,706 contracts in the data reported through Tuesday April 10th. This was a weekly increase of 2,796 contracts from the previous week which had a total of 20,910 net contracts. Speculative positions have risen for two straight weeks following three weekly declines. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -26,137 contracts on the week. This was a weekly fall of -860 contracts.