Copper Speculators Lowered Their Net Positions For 2nd Week
Zachary Storella | Nov 14, 2017 12:28AM ET
Copper Non-Commercial Speculator Positions:
Large 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 Monday due to the Veteran’s Day holiday.
The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 42,575 contracts in the data reported through Tuesday November 7th. This was a weekly decrease of -5,018 contracts from the previous week which had a total of 47,593 net contracts.
Speculative positions have now fallen for two straight weeks (and by a total of -10,677 contracts in that time) to the lowest net level 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 -49,639 contracts on the week. This was a weekly rise of 2,804 contracts from the total net of -52,443 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 $35.27 which was a shortfall of $-0.24 from the previous close of $35.51, according to unofficial market data.
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