Copper Speculators Edged Bullish Net Positions Higher This Week
Zachary Storella | Jul 02, 2017 05:04AM ET
Copper Non-Commercial Speculator Positions:
Large speculators increased their net positions in the Copper futures markets this week after a down week last 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 13,688 contracts in the data reported through Tuesday June 27th. This was a weekly advance of 909 contracts from the previous week which had a total of 12,779 net contracts.
Copper speculative positions have now gained for three out of the past four weeks and have remained above the +10,000 contract level for the past four weeks after falling below the threshold on May 30th.
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 -15,010 contracts on the week. This was a weekly fall of -887 contracts from the total net of -14,123 contracts reported the previous week.
JJC (NYSE:JJC) ETF:
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 $30.07 which was a gain of $1.01 from the previous close of $29.06, according to unofficial market data.
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