Copper Non-Commercial Speculator Positions:
Large speculators reduced their bullish 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 30,136 contracts in the data reported through Tuesday September 26th. This was a weekly decrease of -2,451 contracts from the previous week which had a total of 32,587 net contracts.
Speculative positions have fallen for three straight weeks following a strong streak of eight straight weekly gains. Despite the recent declines, bullish net positions have remained above +30,000 contracts for nine straight weeks.
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 -36,396 contracts on the week. This was a weekly uptick of 2,407 contracts from the total net of -38,803 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 $33.13 which was a drop of $-0.62 from the previous close of $33.75, according to unofficial market data.