Metals · Market page
Copper
Managed money are net long 61,170 contracts, 18.6% of open interest. That is the 74th percentile of its three-year range. The net position changed −295 contracts over the latest week.
Positions as of13 Oct 2026Updated 17 Oct 2026
01
Positioning history
The net position over time.
Positioning historyCopper: managed money net position.Net contracts · Above zero: net long · Below zero: net short
2026-10-13Net long 61,170
02
Participant structure
Who carries the reported exposure.
ParticipantNet contractsRelative size
Managed money+61.2K
Non-reportables+8.4K
Other reportables+7.2K
Producers / merchants−90.6K
Swap dealers+13.8K
CFTC participant categories vary by report family. The primary positioning series uses managed money for physical commodities and leveraged funds for financial futures.
03
Curve context
Term structure, shown separately.
Curve contextThe futures curve is indexed to the front contract.contango · Front contract = 100
04
Comparable states
What followed similar positioning.
| Positioning bucket | N | 4W positive | 8W positive | 12W positive | Avg 12W |
|---|---|---|---|---|---|
| z ≥ 2.0 (extreme long) | 45 | 44.4% | 24.4% | 26.7% | +4.97% |
| 1.5 ≤ z < 2.0 | 67 | 52.2% | 50.0% | 57.8% | +0.32% |
| 1.0 ≤ z < 1.5 | 69 | 56.5% | 58.8% | 53.7% | +0.57% |
| neutral (−1.0 < z < 1.0) | 444 | 49.1% | 52.3% | 54.2% | +1.21% |
| −1.5 < z ≤ −1.0 | 100 | 59.0% | 54.0% | 61.0% | +1.38% |
| −2.0 < z ≤ −1.5 | 66 | 56.1% | 57.6% | 54.5% | +1.56% |
| z ≤ −2.0 (extreme short) | 30 | 26.7% | 23.3% | 26.7% | -5.61% |
Overlapping historical observations. Periods and sample sizes are shown so the comparison can be read in context.