Copper COT Report
Live CFTC Commitments of Traders positioning for Copper futures — commercial hedgers versus managed money. Latest report: July 28, 2026.
By RetailVest Researchsourced from CFTCupdated
Positioning signal
bearish
Specs adding shorts (with room to grow)
Z-score (vs 3yr)
0.51
69.2th percentile
Open interest
274,552
+4,504 WoW
In plain English
Speculators lean bearish on Copper, though not at a full extreme. Worth watching to see whether the pessimism deepens into a contrarian opportunity.
Who's positioned where
Commercials (hedgers)
-76,161
net · 87,762 long / 163,923 short
Managed money (specs)
+67,281
net · 103,023 long / 35,742 short
Commercial net — last 6 months
What this means for Copper
The CFTC's weekly report splits Copper futures positions into — producers and users hedging real exposure — and , 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 (currently 0.51) 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.
Trade Copper without futures — ETF proxies
Liquid ETFs that track Copper. Same idea, no margin account required.
Leveraged/inverse ETFs (amber) reset daily and decay over time — for short holds only. Not investment advice.
Other COT reports
New to this? Read how to read the COT report or see the evidence behind hedging-pressure.