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Copper Non-Commercial Positions:
Large speculators and traders reduced their bullish net positions in the copper futures markets last week for a fourth consecutive 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 37,998 contracts in the data reported through February 28th. This was a weekly decline of -4,796 contracts from the previous week which had a total of 42,794 net contracts.
Copper speculators have now pulled back on their net bullish positions to the lowest level since November 1st when net positions totaled just 11,298 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 bearish position of -42,726 contracts last week. This was a weekly change of 5,192 contracts from the total net of -47,918 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 copper, closed at approximately $31.22 which was a dip of $-0.46 from the previous close of $31.68, 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
