Copper Non-Commercial Positions:
Large speculators and traders decreased their net positions in the copper futures markets last week for a second 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 45,243 contracts in the data reported through February 14th. This was a weekly decline of -6,316 contracts from the previous week which had a total of 51,559 net contracts.
Speculative positions, despite the two weeks of declines, remain on the bullish side for the sixteenth straight week and above the +40,000 net bullish level for a fourteenth straight week.
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 -48,517 contracts last week. This is a weekly change of 6,135 contracts from the total net of -54,652 contracts reported the previous week.
Copper ETN (NYSE:JJC):
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 $31.77 which was a rise of $1.39 from the previous close of $30.38, according to financial market data.