Large metals speculators reduced their bullish net positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 25,567 contracts in the data reported through Tuesday March 12th. This was a weekly fall of -5,689 net contracts from the previous week.

The net speculative position had risen for two straight weeks before the latest slide. The overall standing remains in bullish territory for the fifth consecutive week. The commercial trader's position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -29,669 contracts on the week. This was a weekly rise of 4,455 contracts.

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