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CFTC BASE METALS: Funds Add To Bullish Bets On Copper (Jul. 4, 2011)
Jul 4,2011 09:44CST
industry news
Funds add to bullish bets on copper.

NEW YORK, Jul 01, 2011 (Dow Jones Commodities News via Comtex) -- Managed money funds added to their bullish position in copper futures and options traded on the Comex division of the New York Mercantile Exchange during the week ended June 28, according to data released Friday by the U.S. Commodity Futures Trading Commission.

Large managed funds, including hedge funds, added 647 long positions, or bets that prices will rise, and cut 765 short positions, or bets that prices will fall, data showed.

This took their net-long position to 8,893, up 18% from 7,481 contracts last week. The net-long position is the difference between the number of long contracts and short contracts, and is considered an indicator of trader sentiment.

Traders have grown more bullish on copper in four of the last five weeks, but still hold a much smaller bullish stake in the metal than was held earlier this year. During the week ended April 12, such traders held a net-long position of 28,030.



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