CFTC BASE METALS: Managed Funds Grow Bearish On Copper

Aug 05, 2011 (Dow Jones Commodities News via Comtex) -- By Tatyana Shumsky

Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Large funds, including hedge funds, trim Comex copper futures and options holdings in the week ended Tuesday, according to Friday afternoon data from the Commodities Futures Trading Commission.

Fund managers sold 965 long positions, or bets prices will rise, and added 863 short positions, or bets prices will fall.

This reduced net position by 6.3% to 27,345 contracts, from 29,173 contracts a week earlier. The net positions is the difference between long contracts and short contracts and is considered an indicator of trader sentiment.