Copper Non-Commercial Positions:
Large speculators and traders increased their net positions in the copper futures markets last week for the first time in eight weeks, 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 29,865 contracts in the data reported through March 28th. This was a weekly gain of 8,195 contracts from the previous week which had a total of 21,670 net contracts.
Copper speculative bets, after falling the previous seven weeks, rebounded by the largest one week gain since November 8th when net bullish positions jumped by +28,338 net 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 -29,643 contracts last week. This is a weekly change of -3,786 contracts from the total net of -25,857 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 $30.54 which was a rise of $0.72 from the previous close of $29.82, according to financial market data.