Base Metals Preview: Fund Buying Continues To Support Copper

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.