FX.co ★ Speculators Scale Back Bullish Copper Bets as CFTC Net Longs Ease to 64.8K

Speculative enthusiasm for copper eased in the latest reporting period, with CFTC data from the United States showing a decline in net long positions. According to figures updated on 06 July 2026, copper speculative net positions fell to 64.8K from a previous level of 71.6K.

The pullback signals that traders have trimmed their bullish exposure to the metal, even as net positions remain in positive territory. While the data do not explain the underlying drivers of the change, the shift suggests a more cautious stance among speculators toward copper’s near‑term outlook. Market participants will be watching upcoming data and price action to assess whether this moderation marks a temporary adjustment or the start of a broader repositioning in copper futures.