Copper Speculators Raised Bullish Net Positions For 2nd Week
Zachary Storella | Dec 03, 2017 02:36AM ET
Copper Non-Commercial Speculator Positions:
Large speculators advanced 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 43,923 contracts in the data reported through Tuesday November 28th. This was a weekly gain of 3,310 contracts from the previous week which had a total of 40,613 net contracts.
Speculative positions rose for a second week to the highest level in a month and ascended back above the +40,000 contract level for a second week.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -50,871 contracts on the week. This was a weekly loss of -4,958 contracts from the total net of -45,913 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 $35.11 which was a loss of $-0.60 from the previous close of $35.71, according to unofficial market data.
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