Copper Non-Commercial Speculator Positions:
Large metals speculators sharply lifted 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 42,698 contracts in the data reported through Tuesday December 19th. This was a weekly lift of 14,944 contracts from the previous week which had a total of 27,754 net contracts.
Speculative bets rose this week by the most on a weekly basis since November 8th 2016 when positions jumped by 28,338 contracts. The net position is back over the +40,000 contract level after falling below this threshold for the past two weeks.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -43,066 contracts on the week. This was a weekly drop of -11,937 contracts from the total net of -31,129 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 $35.76 which was an advance of $1.57 from the previous close of $34.19, according to unofficial market data.