Jul 13, 2012 (Dow Jones) NEW YORK--Speculative traders grew bearish on Comex copper futures and options in the week ended July 10, according to data released Friday by the Commodity Futures Trading Commission.
Managed funds sold 39 long positions, or bets on higher prices, and added 3,025 short positions, or bets on lower prices, during the reporting period.
This took the group's net position deeper into bearish territory. The net position is the difference between the number of long and short contracts held by traders in the managed money category.
Speculative traders held a net short of 4,813 in the week ended July 10, up from a net short of 1,749 at the end of the prior reporting period.
Changes in the net position are considered an indicator of shifts in market sentiment.