Copper Speculators slightly pull back on their bullish net positions this week

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Copper Non-Commercial Speculator Positions:

Large metals speculators decreased their 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 62,284 contracts in the data reported through Tuesday January 9th. This was a weekly reduction of -1,628 contracts from the previous week which had a total of 63,912 net contracts.

The speculative position of copper had seen four straight weeks of gains (by a total of +37,259 contracts) before this week’s small pull back. The speculative position remains above the strongly bullish +60,000 level for a second straight week.

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 -66,222 contracts on the week. This was a weekly decrease of -1,339 contracts from the total net of -64,883 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 $36.68 which was a loss of $-0.76 from the previous close of $37.44, 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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