COPPER- #1 COT report

COPPER- #1 - COMMODITY EXCHANGE INC. positioning from the CFTC Legacy report. Net positions equal long contracts minus short contracts. Commercial, non-commercial and non-reportable classifications describe participants; they are not buy or sell signals.

Positions as of 2026-10-27. Open interest: 337019 contracts. This is the latest stored observation, not live trading data.

How are traders positioned?

Non-commercial percentile: 45 across 82 stored observations. This is the share of sampled net positions at or below the latest value, not a price forecast.

Historical AI commentary — 2026-07-07

This commentary is dated separately from the positioning table. It may describe an earlier market environment.

SUMMARY: Managed Money speculators have built their largest net long position in Copper- since records began, now at the 100th percentile, while Producer/Merchant hedgers are at their most net short ever, at the 0th percentile. This extreme crowding has historically been associated with increased price volatility and eventual mean reversion, but the current downtrend in speculative positions su...

How should this COT report be used?

Use positioning to understand exposure and crowded trades alongside price, liquidity and risk controls. Weekly reports generally describe Tuesday positions released on Friday, subject to the CFTC schedule. Classifications differ in TFF and Disaggregated reports. Compare like-for-like formats and dates.

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