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Copper Speculators Sharply Dropped Bullish Net Positions This Week

Published 12/10/2017, 03:22 AM
Updated 07/09/2023, 06:31 AM

Copper COT Futures Large Trader Positions

Copper Non-Commercial Speculator Positions:

Large metals speculators sharply lowered their bullish 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 26,653 contracts in the data reported through Tuesday December 5th. This was a weekly lowering of -17,270 contracts from the previous week which had a total of 43,923 net contracts.

Speculative positions had risen for the past two weeks before this week’s fall. The current net position is now at the lowest level since July 25th when net positions totaled +24,257 contracts.

Copper Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -35,212 contracts on the week. This was a weekly increase of 15,659 contracts from the total net of -50,871 contracts reported the previous week.

Copper COT Futures Large Trader Vs JJC ETF

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 $33.35 which was a shortfall of $-1.76 from the previous close of $35.11, according to unofficial market data.

Latest comments

Now what is trend? Copper will recover and move upwards for bullish trend. Or it will keep in downwards trend.
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