Copper Speculators Edged Bullish Net Positions Higher For 2nd Week
Zachary Storella | Apr 15, 2018 02:15AM ET
Copper Non-Commercial Speculator Positions:
Large precious metals speculators advanced 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 23,706 contracts in the data reported through Tuesday April 10th. This was a weekly lift of 2,796 contracts from the previous week which had a total of 20,910 net contracts.
Speculative positions have risen for two straight weeks following three weekly declines that had dropped bullish net positions below the +20,000 contract level for the first time since July of 2017. The current bullish level is now back above the +20,000 net contract threshold for a 2nd week.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -26,137 contracts on the week. This was a weekly loss of -860 contracts from the total net of -25,277 contracts reported the previous week.
iPath Bloomberg Copper Subindex Total Return Exp 22 Oct 2037 (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 $35.44 which was a boost of $0.89 from the previous close of $34.55, according to unofficial market data.
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