Copper Non-Commercial Speculator Positions:
Large metals speculators slightly increased their bullish net positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the Thanksgiving’s Day holiday.
The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 40,613 contracts in the data reported through Tuesday November 21st. This was a weekly boost of 899 contracts from the previous week which had a total of 39,714 net contracts.
Speculative positions had fallen the previous three weeks to the lowest level in six weeks before last week’s turnaround.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -45,913 contracts on the week. This was a weekly decline of -269 contracts from the total net of -45,644 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 $35.71 which was a boost of $0.88 from the previous close of $34.83, according to unofficial market data.