MTECHTIPS :- Copper Speculative Longs Near Three Month Low

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MTECHTIPS :- Copper Speculative Longs Near Three Month Low

MTECHTIPS-Copper Large metals speculators reduced 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 39,635 contracts in the data reported through Tuesday March 13th. This was a weekly reduction of -2,285 contracts from the previous week which had a total of 41,920 net contracts. Speculative positions have fallen for two out of the past three weeks and are now under the +40,000 contract level for the first time since December 12th when net positions totaled +27,754 contracts. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -45,532 contracts on the week. This was a weekly rise of 3,946 contracts from the total net of -49,478 contracts reported the previous week