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Copper Non-Commercial Speculator Positions:
Big precious metals speculators pressed their bearish net settings higher out there recently, according to the current Dedication of Investors (COT) data released by the on Monday (delayed as a result of July 4th vacation).
The non-commercial futures agreements of Copper futures, traded by huge speculators and hedge funds, completed a net position of -29,216 agreements in the information reported through Tuesday July 2nd. This was a weekly change of -2,677 internet agreements from the previous week which had a total of -26,539 internet agreements.
The week’s internet setting was the outcome of the gross favorable placement (longs) rising by 3,181 agreements (to a regular total of 76,478 contracts) while the gross bearish position (shorts) acquired by 5,858 contracts for the week (to an overall of 105,694 contracts).
The large speculators remained to up their bearish wagers in Copper for a 2nd successive week and also for the tenth time out of the previous eleven weeks.
The overall speculator standing has now been in bearish region for ten straight weeks and has actually been over the -20,000 net agreement degree for 7 straight weeks which is available in as the longest such streak since May and also June of 2016 (which peaked at 7 weeks).
Copper Industrial Positions:
The commercial investors’ setting, hedgers or traders participated in acquiring and also selling for business purposes, amounted to a web position of 25,027 agreements on the week. This was a weekly uptick of 2,865 agreements from the total web of 22,162 contracts reported the previous week.
Over the very same once a week reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at about $266.40 which was an autumn of $-7.10 from the previous close of $273.50, according to unofficial market information.
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