Speculators increased bullish positions in Copper

FXStreet (Mumbai) - As per the data released by the US Commodity Futures Trading Commission (CFTC), speculators increased their bullish bets higher in favor of copper after net positions crossed over to the bullish side two weeks ago.

During the reporting time period - May 12th to May 19th – the non-commercial futures contracts of copper futures witnessed a weekly change of 825 contracts to total a net position of +9,341 contracts. The bullish positions saw a small decline of 124 contracts, while the bearish positions fell by 949 contracts.

Meanwhile, during the reporting time period, the copper price slid from the USD 2.93/pound level to a price of USD 2.83/pound.