Copper Speculators Continue To Advance Bullish Net Positions Higher
Zachary Storella | Aug 27, 2017 04:13AM ET
Copper Non-Commercial Speculator Positions:
Large speculators increased 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 40,846 contracts in the data reported through Tuesday August 22nd. This was a weekly lift of 4,017 contracts from the previous week which had a total of 36,829 net contracts.
The copper speculative position has now advanced higher for a sixth straight week and to the highest level since February 21st when net positions totaled +42,794 contracts.
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 -41,062 contracts on the week. This was a weekly decline of -3,917 contracts from the total net of -37,145 contracts reported the previous week.
JJC ETF (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 $34.24 which was an uptick of $1.33 from the previous close of $32.91, according to unofficial market data.
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