FX.co ★ Copper Speculative Net Long Positions Edge Lower, Hinting at Cautious Sentiment

Speculative positioning in U.S. copper futures eased slightly in the latest reporting period, signaling a modest cooling in bullish sentiment toward the red metal. According to the latest data released on 06 February 2026, CFTC Copper speculative net positions slipped to 47.8K, down from the previous reading of 48.4K.

While the decline is relatively small, the move suggests that some traders may be trimming long exposure or becoming more cautious about copper’s near‑term outlook. The adjustment in speculative net positions will be closely watched by market participants as a barometer of risk appetite and expectations for industrial demand and global growth going forward.