Copper Non-Commercial Positions:
Large speculators and traders continued to decrease their net positions in the copper futures markets last week for a sixth consecutive week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of copper futures, traded by large speculators and hedge funds, totaled a net position of 22,439 contracts in the data reported through March 14th. This was a weekly fall of -7,280 contracts from the previous week which had a total of 29,719 net contracts.
Copper speculative positions have fallen by a total of -34,837 contracts over the past six weeks and have reached a new low since November 1st.
Copper Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -26,618 contracts last week. This is a weekly rise of 9,751 contracts from the total net of -36,369 contracts reported the previous week.
Copper ETN (NYSE:JJC):
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the JJC iPath Bloomber Copper ETN, which tracks the price of copper, closed at approximately $30.28 which was a gain of $0.39 from the previous close of $29.89, according to financial market data.
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