Copper Speculators Reduced Bullish Net Positions For 1st Time In 3 Weeks
Zachary Storella | Jul 16, 2017 04:54AM ET
Copper Non-Commercial Speculator Positions:
Large speculators decreased their net positions in the Copper futures markets this week following two weeks of gains, 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 12,006 contracts in the data reported through Tuesday July 11th. This was a weekly reduction of -4,339 contracts from the previous week which had a total of 16,345 net contracts.
Copper speculative positions, despite this week’s dip, remain above the +10,000 contract level for a sixth straight week after falling below that level on 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 -14,901 contracts on the week. This was a weekly rise of 2,620 contracts from the total net of -17,521 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 $30.295 which was a shortfall of $-0.255 from the previous close of $30.55, according to unofficial market data.
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