Reuters: Regulatory News: UPDATE 1-Speculators go short copper first time since Jan -CFTC

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UPDATE 1-Speculators go short copper first time since Jan -CFTC May 25th 2012, 20:01 Fri May 25, 2012 4:01pm EDT * Spec net longs in gold and silver lowest since 2008 * Silver net length down for 7th consecutive week May 25 (Reuters) - Money managers switched to a net short copper position for the first time since January and continued to cut their net length in silver and gold to 2008 lows in the week to May 22, according to data from the Commodity Futures Trading Commission (CFTC). Hedge funds and other speculators moved to a net short of 2,808 contracts from a net long of 4,833 the previous week, the data shows. They lowered their net long in gold by another 1,301 to 77,318 contracts, setting another multi-year low. This was third consecutive week that speculative investors have unwound bullish bets on continued weakness in the euro against the dollar due to a deepening despair over the euro-zone debt crisis. This is the smallest net long position for funds since early December 2008. Silver length also hit a new low, with money managers' net length dropping by 1,677 to 5,016, its lowest level since October 2008 and is the seventh consecutive fall. The 2008 numbers came at the height of the global economic crisis when speculators were bailing out of all financial markets. Selected categories from the CFTC weekly Commitment of Traders report: FUTURES + OPTS Managed Swaps Producer Net Chg Net Chg Net Chg Gold 77,318 -1,301 -2,222 3939 -128,505 -3,714 Silver 5,016 -1,677 14,640 -256 -32,150 476 Copper -2,808 -7,641 45,788 1416 -23,803 5,986 Other NonReport Open Net Chg Net Chg Interest Chg Gold 29,677 4,472 23,731 -3,397 728,017 28,647 Silver 7,321 1,327 5,173 129 159,105 2,986 Copper -7,290 1,401 -11,887 -1,162 150,276 2,256 ===================================================================== FUTURES ONLY Managed Swaps Producer Net Chg Net Chg Net Chg Gold 74,645 -5,453 82 8,410 -135,680 -5,091 Silver 4,119 -1,584 15,453 3 -30,675 683 Copper -2,808 -7,641 45,788 1,416 -23,756 5,991 Other NonReport Open Net Chg Net Chg Interest Chg Gold 40,506 6,462 20,447 -4328 435,706 13,615 Silver 6,678 907 4,425 -9 113,647 -561 Copper -7,290 1,401 -10,767 0 150,189 0 ===================================================================== FUTURES + OPTS FUTURES ONLY Gold Silver Copper Additional CFTC data can be found at or or the CFTC website at Link this Share this Digg this Email Reprints

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