Speculative funds reduce net long positions in COMEX gold, silver, and copper

According to data released by the U.S. Commodity Futures Trading Commission, in the week ending September 1, speculative investors in COMEX gold reduced their net long positions by 10,504 contracts, bringing the total net long positions down to 140,811 contracts. During the same period, COMEX silver speculators also cut their net long positions by 1,065 contracts, resulting in an adjusted net long position of 12,170 contracts. In addition, speculative investors in COMEX copper likewise decreased their net long positions by 3,445 contracts, with the latest net long position standing at 73,000 contracts. Generally, changes in speculative positions can reflect the market’s short-term expectations for the price trends of related commodities. Such collective reductions in net long positions often indicate a cooling of bullish sentiment among speculative funds toward precious metals and industrial metals in the short term.