Nonphysical traders of copper began reeling in their optimism toward the red metal in mid-September 2017, according to one recent analysis of positions taken in the market.
Less money went toward bullish (higher future prices) positions in the period from Sept. 6-12, 2017, after several previous weeks of growing optimism, according to an online article posted by Investing.com.
What Investing.com calls “large metals speculators” traded a net positive 46,614 Commodity Futures Trading Commission (CFTC) contracts in copper in the week through Sept. 12, which Investing.com says marks a 2,251 contract reduction (4.6 percent) compared to the previous week.
The activity reversed a string of eight weekly gains for copper bullish positions, says Investing.com. Despite the reversal, however, net positive positions in the red metal have been above the 40,000 contract level for four straight weeks.
Investing.com also reports that according to unofficial market data, “Over the same weekly reporting time frame, from [Sept. 6-12], the JJC iPath Bloomberg Copper ETN (exchange-traded note), which tracks the price of copper, closed at approximately $34.57, which was a fall of $1.12 from the previous close of $35.69.” That marks a 3.1 percent drop in the value of the ETN.