Reuters: Regulatory News: UPDATE 2-Specs trim gold, silver net longs, raise copper-CFTC

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UPDATE 2-Specs trim gold, silver net longs, raise copper-CFTC Apr 27th 2012, 20:27 Tweet Share this Email Print Fri Apr 27, 2012 4:27pm EDT * Speculator trimmed gold longs as prices range bounded * Copper slightly raised longs *April 27 (Reuters) - Money managers in gold futures and options cut net long positions in the week ended April 24 for their third decline in four weeks, as the precious metal's price failed to break out of a narrow range. Speculators trimmed their bullish gold bets by 4,675 contracts to 107,600 contracts, data from the Commodity Futures Trading Commission (CFTC) showed on Friday. "The speculative fervor is out of gold for now, which is reflected by the slower retail demand in coins and other products," said Bill O'Neill, partner of commodity investment firm LOGIC Advisors. During the period covered by the report, the yellow metal had failed to break above resistance at $1,650 an ounce, as a strong run of U.S. economic data dashed hopes of further U.S. monetary easing. The group also trimmed their bullish bets in silver, cutting their length in silver by 2,635 contracts to 10,756 contracts, the lowest level since the first week of January. However, speculators raised copper length by 14 contracts to 2,217 lots, as the decrease in short positions in managed money slightly offset the decline in bullish bets in that category, CFTC data showed. Still, the net length in copper was near the lowest level since Jan. 17, as renewed European sovereign debt fears triggered economic worries, pressuring demand for key industrial metal copper. Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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