Reuters: Regulatory News: UPDATE 1-Speculators raise gold net longs, trim silver, copper-CFTC

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UPDATE 1-Speculators raise gold net longs, trim silver, copper-CFTC Apr 20th 2012, 20:03 Fri Apr 20, 2012 4:03pm EDT April 20 (Reuters) - Money managers in gold futures and options increased their net long positions in week ended April 17, as an over 1 percent price rise in the precious metal attracted buying from momentum traders. Speculators raised their bullish gold bets by 2,764 contract to 112,275 contracts, data from the Commodity Futures Trading Commission (CFTC) showed on Friday. The yellow metal staged a brief rebound after prices had fallen sharply since the end of February after a strong run of U.S. economic data dashed hopes of further U.S. monetary easing. However, speculators cut their length in copper by 752 contracts to 2,203 contracts, as renewed European sovereign debt fears threatened to derail a global economic recovery, pressuring demand for copper. The group also trimmed their bullish bets in silver by 1,515 contracts to 13,390 lots.

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