Base Metals Preview: Copper Sees Heavy Speculative Demand

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 47,707 contracts in the data reported through Tuesday June 5th. This was a weekly surge of 10,107 contracts. Speculative positions saw the largest one-week rise in six weeks and hit highest bullish position since early February 2018. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -47,851 contracts on the week. This was a weekly loss of -6,616 contracts.