FX.co ★ Speculative Bets on Copper Futures Ease as CFTC Net Longs Drop to 69.4K

Speculative interest in copper futures eased in the latest reporting period, with CFTC data showing net long positions slipping from 85.4K to 69.4K contracts in the United States. The updated figures, released on 09 October 2026, point to a moderation in bullish sentiment toward the metal.

The decline in speculative net positions suggests that traders are becoming more cautious on copper’s near-term outlook, potentially reflecting shifting expectations around global industrial demand, monetary policy paths, or broader risk appetite in commodity markets. While positioning remains in net long territory, the pullback from the previous 85.4K level signals reduced conviction among market participants about further price gains.

Market watchers will likely monitor upcoming macroeconomic data and policy signals to gauge whether this softening in speculative exposure represents a temporary pause or the beginning of a more sustained repositioning in copper futures.