Copper Non-Commercial Positions:
Large speculators increased their net bullish positions in the copper futures markets last week for the second straight week bringing the net position to a three-week high, 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 13,031 contracts in the data reported through May 23rd. This was a weekly rise of 4,385 contracts from the previous week which had a total of 8,646 net contracts.
Speculators had been steadily decreasing their net position over the recent months to a low level of 8,081 net positions on May 5th before the past two weeks brought a turnaround and increase back over the +10,000 level.
Copper Commercial Positions:
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 -10,729 contracts last week. This is a weekly change of -3,441 contracts from the total net of -7,288 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 $29.47 which was a gain of $0.55 from the previous close of $28.92, 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://ift.tt/1BFu6fQ).
Article by CountingPips.com
May 28, 2017 at 01:18AM
from CountingPips Forex
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