Copper Speculators Continued To Drop Their Bullish Net Positions

Copper COT Large Speculators Sentiment Vs JJC ETN

Copper Non-Commercial Positions:

Large speculators and traders decreased their net positions in the copper futures markets last week for the third straight 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 16,043 contracts in the data reported through April 18th. This was a weekly decrease of -9,802 contracts from the previous week which had a total of 25,845 net contracts.

Copper positions have now declined for ten out of the last eleven weeks and fallen to their lowest bullish level since November 1st when net positions totaled 11,298 contracts.

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 -18,392 contracts last week. This is a weekly change of 11,873 contracts from the total net of -30,265 contracts reported the previous week.

Copper COT Large Traders Sentment Vs JJC ETN

Copper ETN:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the iPath Bloomberg Copper Subindex Total Return Exp 22 Oct 2037 (NYSE:JJC), which tracks the price of copper, closed at approximately $28.76 which was a decline of $-1.07 from the previous close of $29.83, according to financial market data.