Funds Boost Bearish Copper Bets-Shanghai Metals Market

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Funds Boost Bearish Copper Bets

Industry News 08:52:59AM Jun 04, 2012 Source:SMM

NEW YORK, Jun 01, 2012 (Dow Jones) -- Fund managers increased their bearish bets on Comex copper futures and options to the highest point in six months during the week ended May 29, according to weekly data released Friday by the Commodity Futures Trading Commission.

Managed funds cut 662 long positions, or bets on higher prices, and added 3,287 short positions, or bets on lower prices.

Their moves in the latest week increased their net short position to 6,757 contracts, from 2,808 short contracts a week earlier. That's the largest short position since the week ended Nov. 29.

The net position is the difference between the number of long and short contracts held by traders in the category, which includes hedge funds and managed funds. Changes in the net position are considered indicators of shifts in trader sentiment.

During the week ended May 22, traders in the category had turned net short on copper for the first time since the week ended Jan. 10.

Because of copper's widespread applications in construction and manufacturing, the metal is sometimes viewed as bellwether of business activity.


 

Price

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#1 Refined Cu
May.23
46800.0
-710.0
(-1.49%)
Standard-Grade Copper
May.23
46775.0
-715.0
(-1.51%)
High-Grade Copper
May.23
46820.0
-710.0
(-1.49%)
Guixi copper
May.23
46830.0
-705.0
(-1.48%)
Low-quality copper
May.23
46700.0
-715.0
(-1.51%)

Funds Boost Bearish Copper Bets

Industry News 08:52:59AM Jun 04, 2012 Source:SMM

NEW YORK, Jun 01, 2012 (Dow Jones) -- Fund managers increased their bearish bets on Comex copper futures and options to the highest point in six months during the week ended May 29, according to weekly data released Friday by the Commodity Futures Trading Commission.

Managed funds cut 662 long positions, or bets on higher prices, and added 3,287 short positions, or bets on lower prices.

Their moves in the latest week increased their net short position to 6,757 contracts, from 2,808 short contracts a week earlier. That's the largest short position since the week ended Nov. 29.

The net position is the difference between the number of long and short contracts held by traders in the category, which includes hedge funds and managed funds. Changes in the net position are considered indicators of shifts in trader sentiment.

During the week ended May 22, traders in the category had turned net short on copper for the first time since the week ended Jan. 10.

Because of copper's widespread applications in construction and manufacturing, the metal is sometimes viewed as bellwether of business activity.