Copper Speculators Lifted Bullish Net Positions For 4th Week
Zachary Storella | Aug 13, 2017 05:44AM ET
Copper Non-Commercial Speculator Positions:
Large speculators continued to push their bullish net positions in the Copper Futures markets higher 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 33,136 contracts in the data reported through Tuesday August 8th. This was a weekly rise of 1,921 contracts from the previous week which had a total of 31,215 net contracts.
Copper bets have risen for four consecutive weeks and are now at the highest level since February 28th when net positions totaled 37,998 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 -33,927 contracts on the week. This was a weekly decline of -1,366 contracts from the total net of -32,561 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 $33.71 which was a gain of $0.83 from the previous close of $32.88, according to unofficial market data.
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