Copper Non-Commercial Speculator Positions:
Large precious metals speculators continued to increase 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 53,252 contracts in the data reported through Tuesday October 24th. This was a weekly advance of 1,765 contracts from the previous week which had a total of 51,487 net contracts.
Speculative positions have now risen for four straight weeks and are at a new highest level since January 31st when positions totaled +57,276 net contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -56,807 contracts on the week. This was a weekly loss of -2,093 contracts from the total net of -54,714 contracts reported the previous week.
iPath Bloomberg Copper Subindex Total Return Exp 22 Oct 2037 (NYSE:JJC) ETF:
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 $36.62 which was a rise of $0.02 from the previous close of $36.60, according to unofficial market data.