Large metals speculators increased 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 30,717 contracts in the data reported through Tuesday, April 17th. This was a weekly increase of 7,011 contracts from the previous week which had a total of 23,706 net contracts. Speculative positions have gained for the past three weeks following three weeks of declines previously. The overall net position for speculators is now back above the +30,000 contract level for the first time since March 20th.
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -36,179 contracts on the week. This was a weekly decrease of -10,042 contracts from the total net of -26,137 contracts reported the previous week.
Copper ended at Rs 458.7 per kg, 0.39% in domestic markets. The metal is resisted around Rs 460 per kg.