Sep 07, 2012 (Dow Jones) NEW YORK--Speculative traders cut their bullish stake in Comex copper futures and options during the week ended Tuesday, according to data released Friday by the Commodity Futures Trading Commission.

Managed money funds cut 2,688 long positions, or bets on higher prices, and 102 short positions, or bets on lower prices, during the reporting period.

This pared their net long position, or the difference between the number of long and short contracts held by the managed-fund category, by 79% from a week earlier.

The managed-money net-long position stood at 674 long contracts, from 3,260 long contracts a week earlier.

Investors tend to watch changes in the net position because they are considered an indicator of shifts in market sentiment.