Managed Funds Increase Bullish Copper Bets

Oct 19, 2012 (Dow Jones) NEW YORK--Speculators increased their bullish bets on Comex copper futures and options during the week ended Tuesday, according to data released Friday by the Commodity Futures Trading Commission.

Managed money funds slashed 1,370 long positions, or bets on higher prices, and shed 1,698 short positions, or bets on lower prices, during the reporting period.

This took their net long position up 1.4% to 23,776 contracts, from 23,448 contracts a week earlier.

The net position is the difference between the number of long and short contracts held by traders in the category. Shifts in the size of the net position, or changes from a net long to a net short position are closely watched by market participants because they are considered a sign of a change in sentiment.