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

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UPDATE 1-Speculators increase copper shorts, boost gold Jun 15th 2012, 20:16 Fri Jun 15, 2012 4:16pm EDT June 15 (Reuters) - Money managers extended their bearish copper bets for a second week, turning in their largest net short holding since March 2009, as lingering worries of a global economic slowdown hurt near-term demand for the industrial metal. Managed money longs cut their holdings by 168 lots, while shorts increased their bearish stance by three lots, resulting in a net short position of 171 lots and bringing total net shorts to 13,346 lots, according to data from the Commodity Futures Trading Commission. It was the largest net short position for the key speculative group since the last week of March 2009, when it was short on 13,885 lots. Meanwhile, money managers raised their net length in gold by 1,258 lots, or around 1 percent, to 99,684 lots, as signs of a slowing in the U.S. economic recovery and the euro zone debt crisis fueled speculation of monetary stimulus from central banks around the world. The group also increased their net long position in silver by 763 lots to 7,312 lots. "Gold will hold up better than copper and silver, which are ultimately susceptible to economic slowdown. It's not big enough numbers to move anything though," said Frank McGhee, head precious metals trader of Integrated Brokerage Services LLC. Copper, often viewed as a barometer of global economic health, posted its first weekly gain in the past seven, boosted by assurances that the world's central banks stand ready to stabilize markets if Greek election results this weekend cause any financial upheaval. Link this Share this Digg this Email Reprints

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