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Copper Non-Commercial Speculator Positions:
Large speculators lifted their net positions in the copper futures markets this week for a second straight 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 16,345 contracts in the data reported through Tuesday July 3rd. This was a weekly gain of 2,657 contracts from the previous week which had a total of 13,688 net contracts.
Copper speculative positions are now at the best level in three weeks and have remained above the +10,000 level for five straight weeks after falling below that level in May 30th.
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 -17,521 contracts on the week. This was a weekly decrease of -2,511 contracts from the total net of -15,010 contracts reported the previous week.
JJC (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 $30.55 which was a boost of $0.48 from the previous close of $30.07, according to unofficial market data.
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