| Now that Natural Gas and Crude Oil have have fallen heavily after having record long speculators on board hedge funds are hoping Copper is three times the charm. Copper futures have rallied for 10 straight sessions, as the S&P Futures fell for 8 straight. |
This week's Commitment of Traders (COT Report) released by the Commodity Futures Trading Commission shows Hedge funds and other large speculators boosted their long positions by 20 percent to a record 67,806 U.S. copper futures and options contracts in the week ended Nov. 1. They held a net-long position of 23,340 contracts, after being net short just a week earlier.
Copper futures are up near 6 percent this year with signs of bearish sentiment turning. This is the longest winning streak in more than two years. Copper for December delivery was up 0.7 percent to settle at $2.265 a pound on Friday on the New York Comex.
Bloomberg reports that Antofagasta
Plc’s top executive is less pessimistic after meeting customers and traders this week. Also the prospect of supply disruptions in Chile means production will be lower. Something for oil and natural gas players know is crucial to hopes for those commodities.
While clearly copper is in oversupply in the short term, consensus is that over the medium term it is one of the most scarce commodities, Vale SA Chief Financial Officer Luciano Siani said in an interview Thursday. This sounds eerily familar to energy traders. Sceptiocism is always best around self serving CEo's. An saying exists in commodity markets "wishful thinking is a killer"We have included three different analysts charts on Copper at week's end for your interpretation.
Copper has broken the downtrend which is supporting some additional momentum buying. Up 2.6% on the week said
Ole S Hansen on twiiter.
Here is an Elliott Wave count for COPPER Short-term Elliott Wave Analysis 11.4.2016 via @AlienOvichO http://elliottwave-forecast.com/amember/go.php?r=7356&i=l4
and... COPPER continues it's up tick
@Dyro01676From the Traders Community News Desk