NEW YORK, Dec 02, 2011 (Dow Jones) -- Managed funds keep a bearish view of copper for 11 consecutive weeks, according to weekly data from the Commodity Futures Trading Commission released Friday afternoon.
Managed money funds, including hedge funds, are speculative participants in the copper futures and options market, and typically keep a bullish tilt to their positions.
But their mood has turned sour in recent months, with traders first turning net short on copper in late August, before embarking on the recent 11-week run. This is the first time since October 2009 that traders in the category maintain a bearish bet on copper.
A net short position occurs when traders in the category hold more short contracts, or bets on lower prices, than long contracts, or bets on higher prices.
In the week ended Nov. 29, managed money funds added 371 long contracts and cut 343 short contract, reducing their net short by 9% to 7,017 contracts, from 7,731 contracts a week earlier.