Commodities Buzz: Copper Speculative Longs See Mild Drop

Large precious metals speculators cut 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 37,600 contracts in the data reported through Tuesday May 29th. This was a weekly drop of -1,412 contracts. Meanwhile, the commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -41,235 contracts on the week. This was a weekly spurt of 2,514 contracts.