Copper Non-Commercial Positions:
Large speculators and traders cut back on their bullish net positions in the copper futures markets last 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 26,868 contracts in the data reported through April 4th. This was a weekly decline of -2,997 contracts from the previous week which had a total of 29,865 net contracts.
Copper speculators had strongly added (+8,195 net contracts) positions two weeks ago following seven straight weeks of declines before the decline in the latest weekly data. Net positions of speculators have now fallen eight out of the last nine 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 -29,883 contracts last week. This is a weekly change of -240 contracts from the total net of -29,643 contracts reported the previous week.
Copper ETN (NYSE:JJC):
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 $29.94 which was a small dip of $-0.60 from the previous close of $30.54, according to financial market data.
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