Copper Non-Commercial Speculator Positions:
Large metals speculators cut back on their 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 52,035 contracts in the data reported through Tuesday January 23rd. This was a weekly fall of -9,131 contracts from the previous week which had a total of 61,166 net contracts.
Speculative bets have now fallen for three straight weeks and the copper spec position is now under the +60,000 contract threshold for the first time in four weeks.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -59,463 contracts on the week. This was a weekly boost of 5,515 contracts from the total net of -64,978 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 $35.47 which was a loss of $-1.19 from the previous close of $36.66, according to unofficial market data.
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