Copper
HGSignal state
8-Week Trend
Growth-sensitive metal often used as a sentiment proxy for industrial demand.
Signal layer
Score breakdown
How the +100 to -100 conviction score is calculated
Macro Score
+40 ptsTarget Exposure
+28%Market History
Net Positioning History
Historical net positioning (Longs minus Shorts) for the reference trader group.
| Copper — Managed Money — 6 Month Positioning Report | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Report Date | Long Positions | Short Positions | Change in Longs | Change in Shorts | Net Positions | Net Change | % OI Long | % OI Short | Open Interest |
| Max | 82,538 | 39,240 | +16,021 | +7,938 | 54,030 | +18,466 | 33.3% | 21.2% | 248,058 |
| Min | 290 | 0 | -52,664 | -33,780 | 290 | -18,884 | 1.8% | 0.0% | 11,918 |
| 13 Per. Avg | 42,646 | 27,572 | -4,285 | -2,847 | 15,074 | -1,438 | 23.0% | 14.5% | 152,263 |
| May 12, 2026 | 1,002 | 179 | +712 | +179 | 823 | +533 | 8.4% | 1.5% | 11,918 |
| Feb 10, 2026 | 290 | 0 | -236 | -154 | 290 | -82 | 1.8% | 0.0% | 15,730 |
| Jan 27, 2026 | 526 | 154 | -52,664 | -33,780 | 372 | -18,884 | 2.9% | 0.9% | 18,012 |
| Feb 1, 2022 | 53,190 | 33,934 | -8,278 | +1,251 | 19,256 | -9,529 | 25.7% | 16.4% | 207,153 |
| Jan 25, 2022 | 61,468 | 32,683 | -785 | -1,349 | 28,785 | +564 | 28.6% | 15.2% | 214,683 |
| Jan 18, 2022 | 62,253 | 34,032 | +3,036 | -2,982 | 28,221 | +6,018 | 29.5% | 16.1% | 211,169 |
| Jan 11, 2022 | 59,217 | 37,014 | -1,578 | +2,221 | 22,203 | -3,799 | 30.3% | 18.9% | 195,530 |
| Jan 4, 2022 | 60,795 | 34,793 | +4,030 | -1,430 | 26,002 | +5,460 | 31.7% | 18.1% | 191,672 |
| Dec 28, 2021 | 56,765 | 36,223 | +9,124 | -1,249 | 20,542 | +10,373 | 30.6% | 19.6% | 185,255 |
| Dec 21, 2021 | 47,641 | 37,472 | -942 | +856 | 10,169 | -1,798 | 26.9% | 21.2% | 176,948 |
| Dec 14, 2021 | 48,583 | 36,616 | -1,462 | +516 | 11,967 | -1,978 | 27.2% | 20.5% | 178,867 |
| Dec 7, 2021 | 50,045 | 36,100 | -2,577 | -3,140 | 13,945 | +563 | 27.7% | 19.9% | 181,012 |
| Nov 30, 2021 | 52,622 | 39,240 | -4,080 | +2,051 | 13,382 | -6,131 | 27.5% | 20.5% | 191,465 |
| Nov 23, 2021 | 56,702 | 37,189 | -6,463 | -1,440 | 19,513 | -5,023 | 28.6% | 18.8% | 197,879 |
| Nov 16, 2021 | 63,165 | 38,629 | +1,690 | +1,493 | 24,536 | +197 | 28.8% | 17.6% | 219,353 |
| Nov 9, 2021 | 61,475 | 37,136 | -6,326 | +4,685 | 24,339 | -11,011 | 27.4% | 16.5% | 224,532 |
| Nov 2, 2021 | 67,801 | 32,451 | -9,516 | +2,730 | 35,350 | -12,246 | 29.7% | 14.2% | 228,551 |
| Oct 26, 2021 | 77,317 | 29,721 | -5,221 | +1,213 | 47,596 | -6,434 | 32.7% | 12.6% | 236,663 |
| Oct 19, 2021 | 82,538 | 28,508 | +16,021 | -2,445 | 54,030 | +18,466 | 33.3% | 11.5% | 248,058 |
| Oct 12, 2021 | 66,517 | 30,953 | +8,395 | -763 | 35,564 | +9,158 | 32.2% | 15.0% | 206,607 |
| Oct 5, 2021 | 58,122 | 31,716 | -1,798 | +1,425 | 26,406 | -3,223 | 29.7% | 16.2% | 195,488 |
| Sep 28, 2021 | 59,920 | 30,291 | +4,325 | -2,491 | 29,629 | +6,816 | 30.8% | 15.6% | 194,393 |
| Sep 21, 2021 | 55,595 | 32,782 | -5,331 | +7,938 | 22,813 | -13,269 | 27.4% | 16.2% | 202,882 |
| Sep 14, 2021 | 60,926 | 24,844 | +3,244 | -1,402 | 36,082 | +4,646 | 29.7% | 12.1% | 205,327 |
| Sep 7, 2021 | 57,682 | 26,246 | -1,166 | -939 | 31,436 | -227 | 28.6% | 13.0% | 201,535 |
| Aug 31, 2021 | 58,848 | 27,185 | +0 | +0 | 31,663 | +0 | 29.2% | 13.5% | 201,398 |
COT report
Longs vs shorts by trader category — week by week
Browse the official CFTC report week by week to see how each trader group's positioning has shifted. The WoW Δ column shows the net contract change from the prior week.
| Trader type | Long | Short | Net | Long % OI | Short % OI | Net % OI | WoW Δ Net |
|---|---|---|---|---|---|---|---|
Managed Money Reference group used for the main bias model | 1,002 | 179 | 823 | +8.4% | +1.5% | +6.9% | +533 |
Other Reportables | 3,205 | 8,129 | -4,924 | +26.9% | +68.2% | -41.3% | +4,236 |
Nonreportable | 7,377 | 3,049 | 4,328 | +61.9% | +25.6% | +36.3% | -4,731 |
Producer Merchant | 0 | 227 | -227 | +0.0% | +1.9% | -1.9% | -38 |
Interpretation layer
Why the terminal reads this market the way it does
The platform turns the underlying scores into a readable narrative: pressure, confirmation, macro support, and crowding.
Positioning pressure
Positioning is drifting back toward balance. This week's COT print is more bullish than the prior week.
Trend check
Trend agrees with positioning.
Macro check
Macro conditions are supporting the current positioning.
Crowding
Positioning looks balanced rather than crowded.
Current positioning
Positioning is drifting back toward balance. Positioning looks balanced rather than crowded. Managed Money is currently net long by 823 contracts.
Macro regime
Macro signals are modestly supportive for Copper.
Replay summary
Constructive bullish regime. Positioning is drifting back toward balance. Trend agrees with positioning. Macro conditions are supporting the current positioning.