Copper Non-Commercial Speculator Positions:
Large speculators slightly reduced their 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 52,955 contracts in the data reported through Tuesday February 6th. This was a weekly fall of -884 contracts from the previous week which had a total of 53,839 net contracts.
The speculative positions in copper have now fallen for four out of the past five weeks although have remained above the +50,000 contract level for a seventh straight week.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -58,522 contracts on the week. This was a weekly decline of -128 contracts from the total net of -58,394 contracts reported the previous week.
JJC ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the iPath Bloomberg Copper ETF (NYSE:JJC), which tracks the price of copper, closed at approximately $36.51 which was an increase of $0.18 from the previous close of $36.33, according to unofficial market data.
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