Copper COT Report — Futures Positioning
Copper futures · COMEX · CFTC contract code 085692
Latest positioning
Week ending 28 July 2026 · cut 6,696 on the week · open interest 274,552 (+4,504)
Net speculative position — last 52 weeks
The current reading sits in the 94th percentile of its 3-year range — over the past 3 years, the net position has been lower than it is now 94% of the time. A high reading means the position is crowded by its own historical standards; it is context, not a forecast.
All three cohorts
| Category | Net position | Week change |
|---|---|---|
| Large speculatorsFunds and managed money | +67,281 | -6,696 |
| CommercialsProducers, users and banks hedging physical exposure | -76,161 | +5,951 |
| Small tradersBelow the CFTC reporting threshold | +8,880 | — |
The three cohorts net to zero between them — every long has a short on the other side. Commercials being heavily short is normal for a produced commodity and is not a bearish view; it is a hedge against inventory they already own.
Weekly history
| Week ending | Specs net | Open interest |
|---|---|---|
| 28 Jul 2026 | +67,281 | 274,552 |
| 21 Jul 2026 | +73,977 | 270,048 |
| 14 Jul 2026 | +64,385 | 259,873 |
| 7 Jul 2026 | +64,272 | 250,948 |
| 30 Jun 2026 | +64,788 | 254,335 |
| 23 Jun 2026 | +71,620 | 268,800 |
| 16 Jun 2026 | +75,350 | 270,752 |
| 9 Jun 2026 | +74,450 | 274,331 |
| 2 Jun 2026 | +78,833 | 276,892 |
| 26 May 2026 | +73,040 | 266,243 |
| 19 May 2026 | +75,886 | 257,964 |
| 12 May 2026 | +76,309 | 259,808 |
| 5 May 2026 | +62,849 | 232,609 |
| 28 Apr 2026 | +63,281 | 230,596 |
| 21 Apr 2026 | +59,204 | 250,504 |
| 14 Apr 2026 | +55,109 | 245,595 |
| 7 Apr 2026 | +40,227 | 224,634 |
| 31 Mar 2026 | +40,104 | 220,756 |
| 24 Mar 2026 | +37,537 | 221,772 |
| 17 Mar 2026 | +48,044 | 231,319 |
| 10 Mar 2026 | +51,666 | 235,322 |
| 3 Mar 2026 | +57,681 | 244,932 |
| 24 Feb 2026 | +58,440 | 261,235 |
| 17 Feb 2026 | +59,331 | 272,967 |
| 10 Feb 2026 | +45,873 | 270,792 |
| 3 Feb 2026 | +47,814 | 278,845 |
| 27 Jan 2026 | +48,390 | 278,219 |
| 20 Jan 2026 | +52,575 | 278,431 |
| 13 Jan 2026 | +53,441 | 269,813 |
| 6 Jan 2026 | +57,858 | 267,027 |
| 30 Dec 2025 | +59,839 | 260,139 |
| 23 Dec 2025 | +67,088 | 267,343 |
| 16 Dec 2025 | +64,826 | 256,887 |
| 9 Dec 2025 | +62,479 | 250,821 |
| 2 Dec 2025 | +53,413 | 242,931 |
| 25 Nov 2025 | +43,637 | 233,461 |
| 18 Nov 2025 | +51,959 | 251,537 |
| 10 Nov 2025 | +55,526 | 265,474 |
| 4 Nov 2025 | +56,375 | 269,926 |
| 28 Oct 2025 | +49,094 | 272,068 |
| 21 Oct 2025 | +41,211 | 258,680 |
| 14 Oct 2025 | +42,627 | 252,089 |
| 7 Oct 2025 | +39,069 | 250,850 |
| 30 Sep 2025 | +32,566 | 230,658 |
| 23 Sep 2025 | +30,230 | 227,318 |
| 16 Sep 2025 | +30,348 | 221,011 |
| 9 Sep 2025 | +27,241 | 208,356 |
| 2 Sep 2025 | +25,658 | 195,673 |
| 26 Aug 2025 | +26,230 | 190,049 |
| 19 Aug 2025 | +26,032 | 195,080 |
| 12 Aug 2025 | +28,211 | 193,751 |
| 5 Aug 2025 | +20,686 | 197,933 |
Source: CFTC Commitments of Traders (Legacy, futures only) — a US government work, public domain. Positions are measured Tuesday and published the following Friday at about 15:30 ET, so this report is always at least three days behind the market. Positioning describes how traders are placed; it is not a forecast.