NEW YORK, Jul 15, 2011 (Dow Jones Commodities News via Comtex) -- Managed money funds increased their bullish bets on copper futures and options traded on the Comex division of the New York Mercantile Exchange during the week ended July 12, according to data released Friday by the U.S. Commodity Futures Trading Commission.
Large managed funds, including hedge funds, added 7,274 long positions, or bets that prices will rise, and 2,145 short positions, or bets that prices will fall.
This took their net-long position to 27,030, up 23% from 21,901 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.
Such traders have grown more bullish on copper in six of the last seven weeks.
The most actively traded copper contract rose by 1% during the week covered by the CFTC data.