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Copper Non-Commercial Positions:
Large speculators increased their net bullish positions in the copper futures markets last week as sentiment for the metal has improved in recent weeks, 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 12,726 contracts in the data reported through June 6th. This was a weekly gain of 3,082 contracts from the previous week which had a total of 9,644 net contracts.
Copper speculators have now pushed their bullish bets higher for three out of the past four weeks. Positions had been on a consistent downtrend in recent months and bullish positions had fallen to the lowest level of the year on May 9th at 8,081 net contracts.
Copper Commercial Positions:
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The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -13,326 contracts last week. This was a weekly decline of -3,763 contracts from the total net of -9,563 contracts reported the previous week.
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 $28.87 which was a edge lower of $-0.21 from the previous close of $29.08, according to financial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the previous Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
Article by CountingPips.com