Commodities Buzz: Copper Speculative Longs See Strong Gains Last Week

Large metals speculators sharply advanced 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 70,537 contracts in the data reported through Tuesday June 12th. This was a weekly rise of 22,830 contracts. Speculative positions rose for a second straight week.
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -71,526 contracts on the week. This was a weekly drop of -23,675 contracts.