Copper Speculators Sharply Lowered Bullish Net Positions This Week
Zachary Storella | Sep 24, 2017 03:18AM ET
Copper Non-Commercial Speculator Positions:
Large speculators sharply decreased their net positions in the Copper futures markets this week bringing bullish bets lower for a second week following eight 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 32,587 contracts in the data reported through Tuesday September 19th. This was a weekly decrease of -14,027 contracts from the previous week which had a total of 46,614 net contracts.
The copper speculative decline this week was the largest one-week fall since October of 2016 and brings the overall bullish speculator level to its lowest spot in six weeks.
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 -38,803 contracts on the week. This was a weekly boost of 13,009 contracts from the total net of -51,812 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 $33.75 which was a decline of $-0.82 from the previous close of $34.57, according to unofficial market data.
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