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The Copper market has managed a fresh new all time high price in the early action today and has done so off favorable macro economic views. The copper trade continues to push the idea that copper supplies are likely to tighten in the face of an ongoing global macro economic recovery. Apparently the market doesn’t need active participation from the Chinese to carve out more new all time highs on the charts. Apparently the market is concerned that power issues in Chile will prevent that critical producer from ratcheting up output in the face of a growing global economy. With nearby copper prices to this morning’s highs, sitting as much as 10 cents a pound above the level where the COT report was compiled early last week, the long positions are probably building.
The Commitments of Traders Futures and Options report as of February 1st for Copper showed Non-Commercial traders were net long 24,711 contracts, an increase of 799 contracts. The Commercial traders were net short 28,061 contracts, an increase of 567 contracts. The Non-reportable traders were net long 3,350 contracts, a decrease of 233 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 28,061 contracts. This represents an increase of 566 contracts in the net long position held by these traders. LME Copper Stocks were 393,525 tons down 625 tons.
Copper: Higher on Tightening Supply Concerns
by Dave Hightower on February 7, 2011
Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!
The Copper market has managed a fresh new all time high price in the early action today and has done so off favorable macro economic views. The copper trade continues to push the idea that copper supplies are likely to tighten in the face of an ongoing global macro economic recovery. Apparently the market doesn’t need active participation from the Chinese to carve out more new all time highs on the charts. Apparently the market is concerned that power issues in Chile will prevent that critical producer from ratcheting up output in the face of a growing global economy. With nearby copper prices to this morning’s highs, sitting as much as 10 cents a pound above the level where the COT report was compiled early last week, the long positions are probably building.
The Commitments of Traders Futures and Options report as of February 1st for Copper showed Non-Commercial traders were net long 24,711 contracts, an increase of 799 contracts. The Commercial traders were net short 28,061 contracts, an increase of 567 contracts. The Non-reportable traders were net long 3,350 contracts, a decrease of 233 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 28,061 contracts. This represents an increase of 566 contracts in the net long position held by these traders. LME Copper Stocks were 393,525 tons down 625 tons.
Tags: Copper, Metals
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