Reuters: Regulatory News: UPDATE 1-Speculators nearly double copper shorts, boost gold

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UPDATE 1-Speculators nearly double copper shorts, boost gold Jun 8th 2012, 20:29 Fri Jun 8, 2012 4:29pm EDT * Speculators up bearish copper bets as macro-econ fears mount * June 8 - Money managers nearly doubled their bearish copper bets in the week to June 5, turning in their largest net short holding since April 2009, as fears of a global growth slowdown dampened near-term demand prospects. Managed money longs cut their holdings by 2,180 lots while shorts increased their bearish stance by 4,238 lots, resulting in a net short position of 6,418 lots and bringing total net shorts to 13,175 lots, according to data from the Commodity Futures Trading Commission (CFTC). This was the largest net short position for the key speculative group since the first week of April 2009, when they were short on 13,885 lots. "This reinforces money managers' nervousness about the macro-economic situation, particularly in China and Europe," said Sterling Smith, vice-president of commodity research at Citibank's Institutional Client Group in Chicago. Copper, often viewed as a barometer of global economic health, extended its losing streak to a sixth straight week on Friday, its longest such run in two years. London copper prices fell to their cheapest level since December as economic slowdown fears, amplified this week by a surprise rate cut in China and a downgrade of Spain's credit rating, weighed heavily. Money managers raised their net length in gold by 21,101 lots or nearly 30 percent to 98,426 lots, after last week's disappointing U.S. jobs report fueled speculation of a new round of U.S. monetary stimulus. In silver, they increased their net long position by 1,637 lots to 6,549 lots. Link this Share this Digg this Email Reprints

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