Metals
Copper COT positioning
Speculators are net long copper, at the 100th percentile of the last three years — the most net-long in over two years.
Reading as of 22 September 2026. The CFTC publishes weekly with a three day lag, so this describes the previous Tuesday. The terminal carries the full three year history and the week on week change.
Reading it
What this book is, and how it behaves.
Copper positioning is read as a growth proxy as often as a metals one, so an extreme here usually says something about the global cycle rather than about copper supply.
Positioning at an extreme is a description of where the crowd sits, not a forecast. A crowded book can stay crowded for months and get more crowded on the way. What it does tell you is who is already in the trade, which is what decides how violently a market reacts when the news goes the other way.
Copper positioning, answered.
Are speculators net long or net short copper?
Speculators are net long copper, at the 100th percentile of the last three years — the most net-long in over two years. The net position is +82,522 contracts as of 22 September 2026.
What does one Copper contract represent?
One contract is 25,000 pounds of copper. Copper positioning is read as a growth proxy as often as a metals one, so an extreme here usually says something about the global cycle rather than about copper supply.
What is the COT report?
The Commitment of Traders report is published weekly by the CFTC. It breaks open interest in US futures markets down by category of trader. The figure here is the non-commercial, or speculative, net position: long contracts minus short contracts. It is reported with a three day lag, so the newest reading describes the previous Tuesday.
Does extreme positioning mean the price will reverse?
No. Positioning describes where the crowd sits, not what happens next. Crowded books can stay crowded for months and get more crowded on the way. It is a measure of who is already in a trade, which matters for how a market reacts to news, and it is not a timing signal.
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