Reuters: Regulatory News: UPDATE 1-Speculators bail out of copper net longs-CFTC

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UPDATE 1-Speculators bail out of copper net longs-CFTC Apr 13th 2012, 20:20 Fri Apr 13, 2012 4:20pm EDT April 13 (Reuters) - Money managers, including hedge funds and other large speculators, sharply reduced their bullish copper bets during the week of April 10, as prices of the red metal dropped to three-month lows. The key speculative group cut 15,687 contracts during the week to bring the net long position to 2,955, the lowest level since the week of September 18, 2011, when they were net long on 300 contracts, U.S. Commodity Futures Trading Commission (CFTC) figures showed. During the week covered by the data, the price of copper in New York lost nearly 9 percent of its value to touch $3.6450 per lb, its cheapest level since January 17, as signs of a cooling Chinese economy and slowing jobs growth in the United States fanned weakening demand prospects. In gold, speculators trimmed their net long exposure in the precious metal by 8,674 to 109,511 contracts, and in silver, they cut 3,933 contracts to 14,905 contracts

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