Mumbai (Commoditiescontrol): Commitment of Traders Report – 6 February 2016
Commitment of Traders Report was released yesterday 6 February 2016. Positions reported are as on 2 February 2016
Copper – COMEX
COMEX Copper
|
Total Open Interest
|
Percentage Change
|
Total Reportable
|
Open Interest
|
|
|
|
|
|
|
|
|
|
Change in Long Positions
|
Change in Short Positions
|
Net (Long-Short)
|
Net (Long-Short)Prev Week
|
All
|
202356
|
-0.61
|
-1533
|
-659
|
6389
|
7263
|
Market was net long but was reducing long positions. Even short positions saw reduction but reduction in long positions was larger than that of shorts. The difference between total shorts and total longs was only 3.51 percent making it susceptible to changes in the balance of open interest in the market.
COMEX Copper
|
Commercials
|
Open Interest
|
Hedgers
|
Swap Dealers
|
|
Change in Long Positions
|
Change in Short Positions
|
Net (Long-Short)
|
Change in Long Positions
|
Change in Short Positions
|
Net (Long-Short)
|
Net Spreading Positions
|
All
|
-3654
|
-2211
|
-2802
|
-699
|
43
|
44661
|
999
|
Hedgers still remained net short but were seen reducing both long and short positions.
Swap Dealers were net long but reducing their long positions while an extremely small amount of short positions were added. Dealers also added to their calendar spread positions.
COMEX Copper
|
Non-Commercials
|
Open Interest
|
Managed Money
|
Other Reportable
|
|
Change in Long Positions
|
Change in Short Positions
|
Net (Long-Short)
|
Net Spreading Positions
|
Change in Long Positions
|
Change in Short Positions
|
Net (Long-Short)
|
Net Spreading Positions
|
All
|
-1632
|
-6527
|
-19021
|
2173
|
218
|
3802
|
-16449
|
1063
|
Managed money was net short and increased their pace of reducing short positions. Reduction of long positions was also seen. Addition of calendar spread positions was noted.
Other reportable positions were also net short in the market. However, they were seen adding positions in all three – longs, shorts and calendar spreads.
COMEX Copper
|
Non- Reportable Positions
|
Open Interest
|
|
|
|
|
Change in Long Positions
|
Change in Short Positions
|
Net (Long-Short)
|
All
|
292
|
-583
|
-6388
|
Non-reportable positions were also net short but were seen reducing short positions and adding to long positions.
Percentage of Open Interest Held by 4 or Less Traders
|
|
Long
|
Short
|
All
|
16.7
|
12.9
|
4 or less large traders were holding more long positions than short with long positions increasing this week and short positions reducing.
Source: CFTC
Outlook
Long positions held by swap dealers have tilted the balance of the market in being net long. Reduction in long and short positions point to lack of clarity in price direction. Hence sideways action could be witnessed the coming week. We will await for coming week’s COT report for more clarity.
(By Commoditiescontrol Bureau; +91-22-40015523)