NEW YORK, Aug 26, 2011 (Dow Jones) --Large funds, including hedge funds, turned net short on Comex copper futures and options during the week ended Tuesday, according to data from the Commodity Futures Trading Commission.
Fund managers in the latest week sold 117 long positions, or bets prices will rise, and added 2,751 short positions, or bets prices will fall.
This flipped the net position to a net short of 332 contracts from a net-long position of 2,536 a week earlier. The net position is the difference between long contracts and short contracts and is considered an indicator of trader sentiment.
The bearish shift in fund managers' outlook toward the industrial metal has come as the economic outlook for the U.S. and Europe clouded this month, curbing likely copper demand.