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Copper Non-Commercial Speculator Positions:
Large speculators added to 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 31,215 contracts in the data reported through Tuesday August 1st. This was a weekly lift of 6,958 contracts from the previous week which had a total of 24,257 net contracts.
Speculative net positions have now gained by 19,209 contracts in the past three weeks and have advanced to the highest level since February 28th when net positions totaled 37,998 contracts.
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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 position of -32,561 contracts on the week. This was a weekly drop of -9,220 contracts from the total net of -23,341 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 $32.88 which was a gain of $0.47 from the previous close of $32.41, according to unofficial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent 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 – Weekly COT Report