Commodities Buzz: Copper Speculative Positions Stay Bearish For Second Week

Large precious metals speculators increased their bearish net positions in the Copper futures markets in late December, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -9,852 contracts in the data reported through Tuesday December 24th. This was a drop of -7,174 net contracts from the previous week which had a total of -2,678 net contracts. The copper speculative position fell for five straight weeks and the overall position has stayed bearish 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 9,214 contracts. This was a weekly rise of 7,550 contracts.