Copper Non-Commercial Speculator Positions:
Large precious metals speculators sharply increased 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 51,487 contracts in the data reported through Tuesday October 17th. This was a weekly gain of 10,749 contracts from the previous week which had a total of 40,738 net contracts.
Copper speculative positions have risen for three straight weeks and are now at the highest standing since January 31st 2017 when net positions totaled +57,276 contracts.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -54,714 contracts on the week. This was a weekly drop of -8,118 contracts from the total net of -46,596 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 $36.60 which was a boost of $1.75 from the previous close of $34.85, according to unofficial market data.