Copper Speculators Sharply Reduced Bullish Net Positions, Down For 3rd Week
Zachary Storella | Apr 01, 2018 01:49AM ET
Copper Futures Non-Commercial Speculator Positions:
Large precious metals speculators sharply cut back on 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 19,187 contracts in the data reported through Tuesday March 27th. This was a weekly decline of -11,674 contracts from the previous week which had a total of 30,861 net contracts.
Speculative positions have now fallen for three straight weeks and for four out of the past five weeks. The overall bullish level has fallen to the lowest position since July 18th of 2017 when net positions totaled +15,330 contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -26,293 contracts on the week. This was a weekly rise of 14,315 contracts from the total net of -40,608 contracts reported the previous week.
JJC ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the iPath Bloomberg Copper Subindex Total Return Exp 22 Oct 2037 (NYSE:JJC), which tracks the price of copper, closed at approximately $33.60 which was a decline of $-0.58 from the previous close of $34.18, according to unofficial market data.
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