Copper COT Report
Live CFTC Commitments of Traders positioning for Copper futures — commercial hedgers versus managed money. Latest report: June 9, 2026.
Positioning signal
bearish
Specs adding shorts (with room to grow)
Z-score (vs 3yr)
1.44
88.5th percentile
Open interest
274,331
-2,561 WoW
Who's positioned where
Commercials (hedgers)
-83,935
net · 86,211 long / 170,146 short
Managed money (specs)
+74,450
net · 108,035 long / 33,585 short
Commercial net — last 6 months
What this means for Copper
The CFTC's weekly Commitments of Traders report splits Copper futures positions into commercials — producers and users hedging real exposure — and managed money, the speculators taking the other side. Commercials are net short here, while specs are net long. Research on hedging pressure finds that when commercial hedgers are unusually net-short, it has historically preceded positive returns — so the z-score (currently 1.44) matters more than the raw number.Copper ultimately trades on global growth, Chinese demand, and mine supply, and positioning is one input among those fundamentals.
Educational analysis, not investment advice. Positioning is descriptive and can stay extreme for long stretches.
Other COT reports
New to this? Read how to read the COT report or see the evidence behind hedging-pressure.