Speculative Copper Shorts are Largest Since at Least 2002

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Jamie Saettele, CMT

Wed, Apr 17, 2013, 12:25 PM

Latest CFTC Release dated April 9, 2013:

Week (Data for Tuesdays)	52 week Percentile / Comment (if applicable)
US Dollar	90 – non-commercial USD longs slightly off of record
Euro	63
British Pound	0-COT index is lowest since October 2011
Australian Dollar	75
Japanese Yen	22
Canadian Dollar	0- COT index is lowest since March 2007
Swiss Franc	53
Gold	22
Silver	10
Copper	0 – specs are most short since at least 2002
Crude	67

The COT Index is the difference between net speculative positioning and net commercial positioning measured. A light blue colored bar indicates that the difference in positioning is the greatest it has been in 52 weeks (bullish) with speculators selling and commercials buying. A light red colored bar indicates that the difference in positioning is the greatest it has been in 52 weeks (bearish) with speculators buying and commercials selling. Crosses above and below 0 are in bold. Non commercials tend to be on the wrong side at the turn and commercials the correct side. Use of the index is covered closely in detail in my book.

Charts

Non Commercials (speculators) – Red

Commercials – Blue

Small Speculators – White

COTDiff (COT Index) – White

US Dollar