CFTC BASE METALS: Funds Cut Bets On Rising Copper Prices

NEW YORK, Mar 25, 2011 (Dow Jones Commodities News via Comtex) -- Managed money funds, including hedge funds, grew bearish on copper prices in the week ended March 22, according to Friday afternoon data from the U.S. Commodity Futures Trading Commission.

The funds cut bets on higher copper prices, or long lots, by 1,825 lots, and 2,692 bets on lower prices, known as short positions.

This reduced their net long position to 19,826 lots, from 23,803 lots a week earlier.

Copper prices had rallied 4.3% between the two reporting periods, to $4.3130 per pound, as market attention shifted from Japan's massive earthquake and tsunami disaster to the country's impending reconstruction effort.

On Friday, the most actively traded copper contract, for May delivery, settled down 0.1% at $4.4190 per pound.