Copper Non-Commercial Speculator Positions:
Large metals speculators modestly raised 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 20,910 contracts in the data reported through Tuesday April 3rd. This was a weekly increase of 1,723 contracts from the previous week which had a total of 19,187 net contracts.
Speculative positions had fallen for three straight weeks (by a total of -22,733 contracts) and dropped to the lowest position since July 18th of 2017 when net positions totaled +15,330 contracts before this week’s turnaround.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -25,277 contracts on the week. This was a weekly increase of 1,016 contracts from the total net of -26,293 contracts reported the previous week.
JJC ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the iPath Bloomberg Copper Subindex Total Return Exp 22 Oct 2037 (NYSE:JJC), which tracks the price of copper, closed at approximately $34.55 which was an uptick of $0.95 from the previous close of $33.60, according to unofficial market data.