Base Metals Preview: Steady Fund Buying Continues In 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 39,012 contracts in the data reported through Tuesday May 22nd. This was a weekly rise of 2,657 contracts. Speculative positions have gained for the past two weeks following two weeks of losses. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -43,749 contracts on the week. This was a weekly slide of -2,472 contracts.