Copper Non-Commercial Speculator Positions:
Large metals speculators further 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 30,861 contracts in the data reported through Tuesday March 20th. This was a weekly lowering of -8,774 contracts from the previous week which had a total of 39,635 net contracts.
Copper speculative positions declined for a second week and have fallen for three out of the past four weeks. The current standing is now the lowest since December 12th when the net position totaled +27,754 contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -40,608 contracts on the week. This was a weekly increase of 4,924 contracts from the total net of -45,532 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 $34.18 which was a drop of $-1.20 from the previous close of $35.38, according to unofficial market data.