Base Metals Preview: Copper Speculators Add To Bearish Positions

Large precious metals speculators once again cut their bearish net positions in the Copper futures markets into the New Year, 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 -19,452 contracts in the data reported through Tuesday January 8th. This was a weekly drop of -9,104 net contracts.

The net speculative position slipped for a seventh straight week through January 8th and by a total of -32,054 contracts. The overall copper speculative position fell to the most bearish since late 2016 with the recent tumble. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 19,023 contracts on the week. This was a weekly surge of 9,632 contracts.