By CountingPips.com – CFTC Weekly Commitment of Traders Report
Copper Non-Commercial Positions:
Large speculators and traders cut back on their net positions in the copper futures markets last week following five weeks of improving positions and flipped net positions back into bearish territory, 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 -11,142 contracts in the data reported through October 18th. This was a weekly change of -15,468 contracts from the previous week which had a total of 4,326 net contracts.
Copper spec positions had gained for the previous five weeks and emerged into a small bullish position for two straight weeks before the latest decline pushed bets back into a bearish position.
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 8,513 contracts last week. This is a weekly change of 12,139 contracts from the total net of -3,626 contracts reported the previous week.
Copper ETN:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the JJC iPath Bloomber Copper ETN, which tracks the price of gold, closed at approximately $23.79 which was a change of $-1.07 from the previous close of $24.86, according to market data from Yahoo Finance.
*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
