Copper macro outlook · updated 12 November 2026
Is copper bullish or bearish?
As of 12 November 2026, copper scores 37 out of 100 on the WatchTower Terminal macro composite, a bearish read. Copper (HG) carries a bearish macro bias, with a composite score of 37/100. A broadly tightening central-bank stance supports the US dollar and weighs on the metal, while softer growth signals sit against resilient consumer data. Speculative positioning is net long but light, near the bottom of its range, so the market is not stretched in either direction.
Composite score
37
Bearish
56+ bullish · 45 to 55 neutral · under 45 bearish
Reading of 12 Nov, 09:30 London
What is behind the number.
- Institutional positioning
- Net long · at a crowded short extreme
Current drivers
- Broadly tightening central-bank stance supports the US dollar
- Stronger labour data has pushed rate expectations higher
- Consumer resilience partly offsets signs of slowing growth
- Speculative positioning net long, light, near bottom of range
How this score is built
Published weights, not a black box.
Copper, platinum, palladium and oil are scored on the weights shown here, on the same 0 to 100 scale as every other market, so a 56 here means what a 56 means anywhere else.
- COT level35%
- Bank research25%
- COT flow20%
- Central bank10%
- Seasonality10%
The rest of the board
Ranked strongest to weakest on the same scale.
About Copper
Is Copper bullish or bearish right now?
As of 12 November 2026, Copper carries a bearish macro read, scoring 37 out of 100 on the composite. 56 and above reads bullish, below 45 reads bearish, and the band between is neutral.
What is driving Copper?
Current drivers include: Broadly tightening central-bank stance supports the US dollar; Stronger labour data has pushed rate expectations higher; Consumer resilience partly offsets signs of slowing growth; Speculative positioning net long, light, near bottom of range.
How is the Copper macro score calculated?
Copper runs on the physical market weights: cot level 35%, bank research 25%, cot flow 20%, central bank 10%, seasonality 10%. The central bank input is the developed-market policy stance, inverted, and the score is re-weighted over the inputs copper actually has. 56 and above reads bullish, below 45 reads bearish.
Where can I track Copper in real time?
This page reads it live with no account. In WatchTower Terminal, Asset scores carries the live Copper score and every driver behind it, alongside every G10 currency, metals and global indices, and Asset in full and Score history add the written read and the full history. The terminal is $10 for your first month, then $49 a month, or $490 a year with 2 months free. Cancel from Billing at any time.
Track it live
This is 1 number. The terminal shows the working.
Every component and the weight it carries, in Asset scores, with the history of how the score has moved, the positioning behind it and the research it came from. The terminal is $10 for your first month, then $49 a month. Cancel from Billing at any time.