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CFTC BASE METALS: Funds Add To Bullish Bets On Copper (Aug. 1, 2011)
Aug 1, 2011 09:49Fund managers added to their bullish bets on copper futures and options traded on the Comex division of the New York Mercantile Exchange.
NEW YORK, Jul 29, 2011 (Dow Jones Commodities News via Comtex) -- Fund managers added to their bullish bets on copper futures and options traded on the Comex division of the New York Mercantile Exchange in the week ended July 26, according to data released Friday by the U.S. Commodity Futures Trading Commission.
Large managed funds, including hedge funds, added 1,904 long positions, or bets that prices will rise, and cut 264 short positions, or bets that prices will fall.
This increased their net long position to 29,173, up 2,168 from 27,005 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.
Large managed funds have been more bullish on copper in seven of the past nine weeks, and four of the past five.
bullish bets on copper
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