Copper Money Managers Decline Short Positions

Commitment of trader's report was released last Friday and will be critical for Copper in the coming days. The report indicates the trend for Copper that is being followed by COMEX Copper stakeholders like Merchants and Money Managers. This trend is largely used by speculators for setting the tone for the metal in coming days.The Money Managers were interested in decreasing their long positions while increasing short positions. Meanwhile the situation for merchants and producers was decline in both long positions and short positions.

 

The total long positions of Merchants were 41442 pounds on 7 March 2017 compared to 43331 pounds on 28 Feb 2017, down 1889 pounds. On the other hand, short position of Copper was down by 8163 to 106629 pounds on 7 March 2017 from 114792 pounds on 28 Feb 2017.

 

In case of Money Managers, the total long positions were 96996 pounds on 7 March 2017 compared to 103982 pounds on 28 Feb 2017, down 6986 pounds. The short positions of Copper were 39847 pounds on 7 March 2017 compared to 33322 pounds on 28 Feb 2017, up 6525 pounds.