CFTC data shows a simultaneous decline in speculative net long positions on COMEX gold, silver, and copper.

The data released by the U.S. Commodity Futures Trading Commission (CFTC) shows that in the week ending October 27, speculators in the COMEX gold market reduced their net long positions by 1,283 contracts, bringing the total net long positions down to 107,404. During the same period, speculators in COMEX silver reduced their net long contracts by 844, with net long positions dropping to 2,902. For COMEX copper, speculators cut 7,577 net long contracts, leaving current net long positions at 40,432. Generally, changes in these speculative positions to some extent reflect the short-term expectations of market participants for subsequent price trends for precious metals and industrial metals. The widespread reduction in net long positions also indicates that bullish sentiment towards these three types of commodities cooled during the week.