Copper Speculators Edged Their Bullish Positions Slightly Higher This Week
Zachary Storella | Mar 11, 2018 03:22AM ET
Copper Non-Commercial Speculator Positions:
Large metals speculators edged their bullish net positions slightly higher 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 41,920 contracts in the data reported through Tuesday March 6th. This was a weekly rise of 519 contracts from the previous week which had a total of 41,401 net contracts.
Speculative positions have recently cooled off with declines in three out of the past five weeks and a ten-week decrease of over -20,000 contracts. The overall standing remains above the +40,000 net position level for a fourth consecutive week.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -49,478 contracts on the week. This was a weekly loss of -2,457 contracts from the total net of -47,021 contracts reported the previous week.
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 $35.65 which was a decline of $-0.32 from the previous close of $35.97, according to unofficial market data.
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