NEW YORK, Nov 04, 2011 (Dow Jones) -- Speculative traders, such as managed money funds and hedge funds, trimmed their bearish bets on Comex copper futures and options by 82% during the week ended Nov. 1, according to weekly data from the Commodity Futures Trading Commission.

Traders in the category shed 15 long contracts, or bets on higher prices, and cut 4,119 short contracts, or bets on lower prices, during the reporting period.

This took their net short position down to 919 contracts, from 5,023 short contracts a week earlier.

Managed funds have been net-short on copper futures and options for seven consecutive weeks starting the week ended Sept. 20. Such traders have held a net short position in nine of the last 11 weeks.

The most actively traded copper contract, for December delivery, settled Friday trade 2.40 cents, or 0.7%, lower at $3.5645 a pound on the Comex division of the New York Mercantile Exchange.