MTECHTIPS:- Copper COT Positions Up For Seventh Week

MTECHTIPS:- Copper COT Positions Up For Seventh Week

MTECHTIPS -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 43,652 contracts in the data reported through Tuesday August 29th. This was a weekly advance of 2,806 contracts from the previous week which had a total of 40,846 net contracts. The rise in speculative positions was the seventh straight weekly gain and pushes the net position to the highest bullish level since February 14th when the standing was +45,243 contracts. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -44,826 contracts on the week. This was a weekly drop of -3,764 contracts

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