* Specs adds copper net shorts on weak economic sentiment
*
June 1 – Money managers increased their net short position
to copper after it turned short last week and slightly added
their net length in gold in the week to May 29, according to
data from the Commodity Futures Trading Commission (CFTC).
They boosted their net shorts in copper by 3,949 to 6,757
lots and added their net longs in gold by 7 to 77,325 contracts.
On silver, speculators trimmed their net long position by 104 to
4,912 contracts.
Last week, money managers switched to a net short copper
position for the first time since January, as market fretted
over the impact of a possible exit by Greece from the euro zone
and the region’s deepening debt crisis.
“It reinforces the already negative sentiment about
increasing copper stockpile and production indexes around the
world were very weak,” said Frank McGhee, head precious metals
trader of Integrated Brokerage Services Llc.
