Copper Non-Commercial Speculator Positions:
Large metals speculators advanced 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 53,839 contracts in the data reported through Tuesday January 30th. This was a weekly gain of 1,804 contracts from the previous week which had a total of 52,035 net contracts.
Speculator positions had fallen for the previous three weeks before this week’s small turnaround. The current net level remains above the +50,000 contract level for the sixth straight week.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -58,394 contracts on the week. This was a weekly boost of 1,069 contracts from the total net of -59,463 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 $36.33 which was a boost of $0.86 from the previous close of $35.47, according to unofficial market data.