Copper Non-Commercial Positions:
Large speculators and traders increased their bullish net positions in the copper futures markets last week following four weeks of declines, 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 18,538 contracts in the data reported through May 2nd. This was a weekly rise of 6,080 contracts from the previous week which had a total of 12,458 net contracts.
Copper positions had fallen for eleven out of the previous twelve weeks and to a new low level since November 1st before last week’s rebound brought net positions to the best level since early April.
Copper Commercial Positions:
Free Reports:
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 -19,482 contracts last week. This is a weekly change of -7,492 contracts from the total net of -11,990 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 $30.02 which was a gain of $0.51 from the previous close of $29.51, 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
