Copper Speculators Dropped Their Bullish Net Positions For 2nd Week
Zachary Storella | Feb 18, 2018 04:23AM ET
Copper Non-Commercial Speculator Positions:
Large metals speculators decreased their bullish net positions in the Copper futures markets this 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 44,748 contracts in the data reported through Tuesday February 13th. This was a weekly decline of -8,207 contracts from the previous week which had a total of 52,955 net contracts.
Speculative bets fell for a second week and have now fallen for five out of the past six weeks after reaching a recent high point on January 2nd with a total of +63,912 net contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -48,868 contracts on the week. This was a weekly increase of 9,654 contracts from the total net of -58,522 contracts reported the previous week.
iPath Bloomberg Copper Subindex (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 $35.95 which was a decrease of $-0.56 from the previous close of $36.51, according to unofficial market data.
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