Base Metals Preview: Copper Speculative Longs Decline After Rising Four Four Weeks

Large metals speculators decreased 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 34916 contracts in the data reported through 1 May 2018. This was a weekly increase of 7720 contracts from the previous week. Speculative positions had gained for the past four weeks before the latest decline.