FX.co ★ Speculators Cut Bullish Copper Bets as CFTC Net Long Positions Drop to 37.7K

Speculative interest in copper futures declined in the latest reporting period, with the CFTC Copper speculative net positions in the United States falling to 37.7K from a previous level of 48.3K. The updated data, released on 06 November 2026, indicate a notable reduction in net long positions.

The contraction in net speculative longs suggests that traders have become more cautious on copper, potentially reflecting shifting expectations around demand, pricing, or broader macroeconomic conditions. While the market remains net long overall, the scale-back from 48.3K to 37.7K points to a cooling in bullish sentiment among futures market participants.