Home Forex News Copper Speculative Position Slip Sharply

Copper Speculative Position Slip Sharply

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Large base metals speculators sharply cut their net long positions in the Copper futures markets further last 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 54062 net contracts in the data reported through September 28th 2020. This was a weekly tumble of 13779 net contracts from the previous week. The net longs have slipped from near two and half year high now. Meanwhile, the commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -56329 contracts, recording a weekly change of -12583 net contracts.

Copper prices fell on Monday as signs of weakening demand outweighed the positive mood on wider markets after reports that U.S. President Donald Trump may soon be released from hospital, where he is being treated for COVID-19. Signs of slowing demand in top consumer China and rising copper stockpiles are weighing on prices lower. Cash copper on the LME has flipped to a discount versus the three-month contract after LME warehouse stocks more than doubled to around 160,000 tonnes last week, easing a squeeze on nearby supply. A workers union at the Candelaria copper mine in Chile rejected a contract offer from Canada’s Lundin Mining, union officials said on Monday, raising the possibility of a strike.

TREND : WEAK BEARISH / SIDEWAYS

Time                                      :           06/10/2020

Pivot                                     :           2.9481

Technical View                     :           LONG ABOVE 2.9631

Target                                   :           2.9782, 3.0001, 3.0272

Technical View                      :           SHORT BELOW 2.9366

Target                                   :           2.9252, 2.8991, 2.8762

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