FX.co ★ Speculators Trim Bullish Copper Bets as CFTC Net Long Positions Ease to 48K

Speculative interest in U.S. copper futures eased in the latest reporting period, with traders scaling back their net long exposure, according to data released on 20 March 2026 by the Commodity Futures Trading Commission (CFTC).

Net speculative positions in copper declined to 48.0K contracts, down from 51.7K previously. The pullback signals that bullish conviction among speculative traders has weakened, even as positioning remains in net long territory.

While the data do not reveal motivations behind the shift, the reduction in net longs may reflect growing caution among market participants toward near‑term copper price dynamics, as investors reassess risk and adjust exposures accordingly.