LME begins position reporting data for base metals
LONDON Aug 5 (Reuters) - The London Metal Exchange (LME) on Tuesday released its first report on long and short positioning for copper, aluminium and other metals, in a move aimed at boosting transparency in the world's biggest marketplace for industrial metals.
The Exchange's Commitment of Traders Report (COTR) shows each day's open interest over the previous five working days, broken down by business type including money managers, brokers and producers and merchants.
The LME, part of Hong Kong Exchanges and Clearing Inc , will release the data every Tuesday.
Figures from Aug. 1 showed money managers held a net short position of 369 lots in copper - equivalent to 9,225 tonnes - compared with the previous working day, while brokers and traders held a net short position of 934 lots. Producers and merchants were net long copper by 802 lots
In aluminium, money managers were net short by 1,603 lots, compared with a day earlier. Brokers and traders posted a net short of 1,316 lots, while producers and merchants were long by 2,220 lots.
The COTR is one element of a sweeping package of LME reforms, including rules to cut backlogs at warehouses. Market participants, however, said the data needed to be treated with caution due to difficulties in classifying investors. (Reporting by Harpreet Bhal; Editing by Veronica Brown and David Holmes)
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