Copper Speculators Edged Bullish Net Positions Lower, Down For 7th Week
Zachary Storella | Mar 26, 2017 04:08AM ET
Copper Non-Commercial Positions:
Large speculators and traders slightly decreased their net positions in the copper futures markets last week and brought net positions lower for the seventh straight 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 21,670 contracts in the data reported through March 21st. This was a weekly shortfall of -769 contracts from the previous week which had a total of 22,439 net contracts.
Speculative copper positions, after seven weeks of declines, have reached a new low since November 1st when net positions totaled 11,298 contracts.
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 -25,857 contracts last week. This is a weekly change of 761 contracts from the total net of -26,618 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 $29.82 which was a decline of $-0.46 from the previous close of $30.28, according to financial market data.
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