Speculators cut net long positions in COMEX gold, copper

Hedge funds and money managers trimmed their net long positions in COMEX gold and copper contracts in the week to March 13, US Commodity Futures Trading Commission (CFTC) data showed on Friday. Speculators raised their net short position in silver futures and options contracts, the data showed. Gold speculators cut their net long position by 16,153 contracts to 145,659 contracts, according to the CFTC data. This was the smallest net long position since early January.
During the week, spot gold prices slipped as equities rallied after strong US jobs data boosted risk appetite. This shored up expectations that the US Federal Reserve would press ahead with further interest rate rises this year. Higher interest rates make gold less attractive since bullion does not bear interest. Speculators trimmed their net long position in copper by 1,419 contracts to 27,357 contracts, the CFTC data showed. Silver speculators raised their net short position by 5,356 contracts to 16,188 contracts, according to the data.