Base Metals Preview: Speculative Longs In Copper Mark Steady Increase

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 42717 contracts in the data reported through Tuesday, April 17th. This was a weekly increase of 11919 contracts from the previous week which had a total of 30717 net contracts. Speculative positions have gained for the past four weeks now. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -45131 contracts on the week. This was a weekly increase of 8952 contracts from the total net of -36179 contracts reported the previous week.