Copper Speculators reduced bullish net positions for 1st time in 5 weeks

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Copper Non-Commercial Speculator Positions:

Large speculators cut back on their net positions in the Copper futures markets this week following a four week streak of gains, 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 47,593 contracts in the data reported through Tuesday October 31st. This was a weekly fall of -5,659 contracts from the previous week which had a total of 53,252 net contracts.

Speculative positions maintain a strong bullish standing and had risen to the best level since January 31st (+57,276 net contracts) before this week’s decline.

Copper Commercial Positions:


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The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -52,443 contracts on the week. This was a weekly increase of 4,364 contracts from the total net of -56,807 contracts reported the previous week.

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 $35.51 which was a shortfall of $-1.11 from the previous close of $36.62, 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).

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