Copper Non-Commercial Positions:
Large speculators and traders reduced their bullish net positions in the copper futures markets last week for a fourth consecutive 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 37,998 contracts in the data reported through February 28th. This was a weekly decline of -4,796 contracts from the previous week which had a total of 42,794 net contracts.
Copper speculators have now pulled back on their net bullish positions to the lowest level since November 1st when net positions totaled just 11,298 contracts.
Copper Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net bearish position of -42,726 contracts last week. This was a weekly change of 5,192 contracts from the total net of -47,918 contracts reported the previous week.
iPath Bloomberg Copper Subindex Total Return Exp 22 Oct 2037 (NYSE:JJC):
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the JJC iPath Bloomberg Copper ETN, which tracks the price of copper, closed at approximately $31.22 which was a dip of $-0.46 from the previous close of $31.68, according to financial market data.