CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :17 SEPTEMBER 2019

Base Metals Preview: Speculators Reduce Copper Speculative Short Position

Large base metals speculators reduced their bearish 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 -41,186 contracts in the data reported through Tuesday, September 10th. This was a weekly change of 17,655 net contracts. Copper speculators cut back on their bearish positions by the largest one-week amount in the past twenty-eight weeks. The speculative position had surged to a new all-time record high bearish position for two consecutive weeks. The commercial trader's position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 40,421 contracts on the week. This was a weekly decline of -18,576 contracts from the total net of 58,997 contracts reported the previous week.

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