Copper Speculators Raise Bearish Net Positions
Zachary Storella | Jul 13, 2015 12:56AM ET
Weekly Large Trader COT Report: Copper
CFTC COT data shows Copper speculative positions continued bearish pace
Copper Non-Commercial Positions:
Copper speculators and large futures traders increased their net bearish positions in copper last 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 Comex copper futures, traded by large speculators and hedge funds, totaled a net position of -25,429 contracts in the data reported through July 7th. This was a weekly change of -3,622 contracts from the previous week’s total of -21,807 net contracts that was registered on June 30th.
The decline in the weekly net speculator positions reflects a fall in the bullish positions by -4,079 contracts, which overtook a smaller decline in the bearish positions by -457 contracts to register the net weekly change of -3,622 contracts.
Copper Commercial Positions:
In the commercial positions for copper on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) raised their overall positions to a net total position of +31,125 contracts through July 7th. This is a weekly change of +6,411 contracts from the total net of +24,714 contracts on June 30th.
Copper ETN:
Over the weekly reporting time-frame, from Tuesday June 30th to Tuesday July 7th, the JJC iPath Bloomberg Copper ETN (NYSE:JJC), which tracks the global copper price, dropped from the 31.18 level to the 29.29 level, according to market data from the JJC iPath Bloomberg Copper ETN.
*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).
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