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Copper Non-Commercial Positions:
Large speculators and traders trimmed their bullish net positions in the copper futures markets last week for a second straight 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 25,845 contracts in the data reported through April 11th. This was a weekly decline of -1,023 contracts from the previous week which had a total of 26,868 net contracts.
Copper speculative positions have been on a multi-month decline after reaching a multi-year high of +61,115 net contracts on December 13th.
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 -30,265 contracts last week. This is a weekly change of -382 contracts from the total net of -29,883 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 $29.83 which was a fall of $-0.11 from the previous close of $29.94, according to financial market data.
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