April 6 (Reuters) – Money managers, including hedge funds and other large
speculators, cut their bullish bets on gold futures and options as the price of
bullion lost over 3 percent in value, while raising their net long positions in
silver and copper.
Speculators cut their bullish gold bets by 12,288 to 118,185 contracts in
the week ended April 3, data from the Commodity Futures Trading Commission
(CFTC) showed on Friday.
In the week covered by the data, gold prices fell sharply after failing to
breach $1,700 per ounce on options expiry day on March 27 and then even further
on Tuesday after the U.S. Federal Reserve dashed hopes of a third round of
government bond buying, or quantitative easing, known as QE3.
Gold prices were as low as $1,638 per ounce on Tuesday, with open interest
at lows last seen in September 2009.
Speculators added to their length in silver, which rose by 16 percent in
value in the first three months of the year, by 1,807 contracts to 18,839 and
raised their copper longs by 3,759 contracts to 18,642.
Selected categories from the CFTC weekly Commitment of Traders report:
FUTURES + OPTS Managed Swaps Producer
Net Chg Net Chg Net Chg
Gold 118,185 -12,287 -40,008 799 -147,222 9,928
Silver 18,839 1,808 6,149 -1356 -41,742 -418
Copper 18,642 3,759 37,183 -473 -44,162 -206
Other NonReport Open
Net Chg Net Chg Interest Chg
Gold 31,414 1,835 37,632 -273 623,172 -3,515
Silver 4,515 -369 12,241 338 154,776 8,009
Copper -9,243 -2,316 -2,420 -763 156,785 4,543
=====================================================================
FUTURES ONLY Managed Swaps Producer
Net Chg Net Chg Net Chg
Gold 113,040 -11,043 -27,141 -1,148 -150,323 8,760
Silver 17,313 1,763 9,640 -1,361 -40,976 -297
Copper 18,642 3,759 37,183 -473 -44,160 -214
Other NonReport Open
Net Chg Net Chg Interest Chg
Gold 28,725 4,987 37,255 2580 417,304 -13,735
Silver 2,742 -363 11,023 66 109,859 -1,563
Copper -9,113 -2,304 -1,784 1740 156,569 -2,357
=====================================================================
FUTURES + OPTS FUTURES ONLY
Gold
Silver
Copper
Additional CFTC data can be found at or
or the CFTC website at
