Reuters: Regulatory News: UPDATE 1-Managed money cuts gold longs, raises copper shorts-CFTC

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UPDATE 1-Managed money cuts gold longs, raises copper shorts-CFTC Jul 27th 2012, 20:01 Fri Jul 27, 2012 4:01pm EDT * Gold speculators cut longs by 25 pct * Markets focus on next week's central banks' meetings July 27 (Reuters) - Hedge funds and money managers trimmed their net long position or bullish bets by about 25 percent in U.S. gold futures and options in the week to July 24, as slumping bullion prices prompted investors to reduce their bullish bets. The group cut their net longs in gold by 21,836 to 71,129 lots in the period, data from the Commodity Futures Trading Commission (CFTC)'s Commitments of Traders (COT) showed. Speculators also cut their net longs in silver futures and increased their net shorts in copper contracts. Traders said, however, the metal markets have already turned their focus on the next COT report which is likely to show a big increase in new buying on hopes of central-bank actions. This week, bullion logged its biggest weekly gain in eight weeks, boosted by a pledge from the European Central Bank President Mario Draghi to preserve the euro and hopes that the Fed will explore new tools to promote growth in the U.S. economy. "The next report will reflect Draghi's comment and next week's meetings of other central banks. I would expect significant new buying just based on that," said Frank McGhee, head precious metals trader at Integrated Brokerage Services LLC. The ECB, U.S. Federal Reserve and the Bank of England have all scheduled policy meetings next week. Similarly, speculators also decreased their net longs in silver by 1,367 to 3,465 contracts, while they increased their net short position in copper by 5,873 to 7,636 contracts. Link this Share this Digg this Email Reprints

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