Commodities Buzz: Copper Speculative Longs Decline

Large metals speculators cut their bullish net positions in the Copper futures markets this 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 56,311 contracts in the data reported through Tuesday June 19th. This was a weekly fall of -14,226 contracts. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -61,985 contracts on the week. This was a weekly gain of 9,541 contracts.