Managed money funds, including hedge funds, grew bullish on copper prices in the week ended March 29, according to Friday afternoon data from the U.S. Commodity Futures Trading Commission.
These large speculative investors added 3,759 new long positions, or bets on higher prices, and cut 2,529 short positions, or bets on lower prices.
This raised their net long position to 25,574 lots, from 19,286 lots a week earlier.
Comex copper open interest, or the total number of open contracts, increased to 135,993 from 133,844 a week earlier.
Copper prices had rallied around 0.8% between the two reporting days, ranging as high as $4.4545 a pound for May-delivery copper, the most actively traded contract. Since then, however, the red metal's price has declined to Friday's settlement of $4.2585 a pound.
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