Copper COT Report
CFTC Commitments of Traders · positions as of Tuesday 2026-10-20, released Oct 23, 2026 (the CFTC reports each Tuesday's close three days later) · next release Oct 30, 2026 (regular cycle; see the release schedule for holiday shifts)
Copper positioning leans bullish - commercials buying (26w index 100).
How this read is built
- Commercials (hedgers) are net short and sit near the top of their 26-week range (COT index 100) - a bullish tilt in the traditional read.
A description of how traders are positioned versus their own history - the standard Commitments of Traders interpretation, computed identically for every market. It is not a price forecast, a trading signal, or advice. How traders use positioning · how the read is computed.
As of the COT report, large speculators are net long 57,397 Copper futures contracts (down 11,123 week-over-week), commercials are net short 64,296, and open interest is 327,119 contracts. Managed money was net long 47,690 contracts as of (down 13,368 week-over-week), holding 67,225 long and 19,535 short.
Cite this data
FuturesBench, "Copper COT Report," data as of 2026-10-20. https://futuresbench.com/cot/copper/#net-position Source: CFTC Commitments of Traders (public domain). CSV: https://futuresbench.com/data/cot/copper.csv
Embed this chart
<iframe src="https://futuresbench.com/embed/cot/copper/" width="100%" height="560" frameborder="0" loading="lazy" title="Copper COT Report chart - FuturesBench"></iframe>
Positioning - as of Tuesday 2026-10-20
| Trader category | Net position | Weekly change | % of open interest | COT index 26w | COT index 52w | COT index 3y |
|---|---|---|---|---|---|---|
| Large speculators | 57,397 | -11,123 | 17.5% | 0.0 | 36.1 | 72.0 |
| Commercials | -64,296 | +12,341 | -19.7% | 100.0 | 69.1 | 29.9 |
| Small traders | 6,899 | -1,218 | 2.1% | 0.0 | 0.0 | 50.0 |
Net = long − short (spread positions cancel). COT index: 0 = most net-short of the lookback, 100 = most net-long. How it's computed.
This week in numbers
- Large speculators net position fell by 11,123 contracts to 57,397 (16.2% w/w) - the largest weekly change since 2026-10-06.
- Commercials net position rose by 12,341 contracts to -64,296 (16.1% w/w) - the largest weekly change since 2026-10-06.
- Open interest rose 4.2% to 327,119 contracts, a 475-week high.
- Large speculators reduced their net position for a 4th consecutive week.
- Commercials raised their net position for a 4th consecutive week.
Every sentence above is computed from the stored series - no commentary, no forecasts.
Disaggregated report - positions as of Tue 2026-10-20
| Trader category | Net position | Weekly change | % of open interest | COT index 26w | COT index 52w | COT index 3y |
|---|---|---|---|---|---|---|
| Producer/merchant | -77,406 | +13,060 | -23.7% | 100.0 | 87.5 | 35.6 |
| Swap dealers | 13,110 | -719 | 4.0% | 31.3 | 31.3 | 23.3 |
| Managed money | 47,690 | -13,368 | 14.6% | 0.0 | 26.3 | 72.5 |
| Other reportables | 9,707 | +2,245 | 3.0% | 94.4 | 97.5 | 71.3 |
| Small traders | 6,899 | -1,218 | 2.1% | 0.0 | 0.0 | 50.0 |
Full Disaggregated report history: CSV · switch the chart above to this report family for the full series.
Copper managed money positions, week by week
Managed money long, short and net position in Copper futures for the last 26 weekly COT reports (positions as of each Tuesday), from the CFTC Disaggregated futures-only report. Short = long minus net; spread positions are excluded from both.
| Report date | Managed money long | Managed money short | Managed money net | Weekly change | Producer/merchant net | Swap dealers net |
|---|---|---|---|---|---|---|
| 67,225 | 19,535 | 47,690 | -13,368 | -77,406 | 13,110 | |
| 77,643 | 16,585 | 61,058 | -76 | -90,466 | 13,829 | |
| 76,836 | 15,702 | 61,134 | -16,924 | -92,720 | 14,797 | |
| 92,094 | 14,036 | 78,058 | -4,464 | -104,340 | 9,499 | |
| 96,421 | 13,899 | 82,522 | +17,416 | -112,575 | 12,140 | |
| 83,704 | 18,598 | 65,106 | -17,048 | -98,018 | 13,631 | |
| 98,007 | 15,853 | 82,154 | +9,272 | -111,865 | 7,221 | |
| 91,430 | 18,548 | 72,882 | -3,389 | -97,022 | 4,915 | |
| 92,107 | 15,836 | 76,271 | -2,377 | -100,023 | 4,974 | |
| 92,097 | 13,449 | 78,648 | -379 | -96,274 | 6,134 | |
| 93,911 | 14,884 | 79,027 | +3,269 | -97,517 | 6,271 | |
| 93,173 | 17,415 | 75,758 | +10,750 | -92,844 | 6,675 | |
| 82,988 | 17,980 | 65,008 | -6,507 | -85,279 | 9,118 | |
| 88,235 | 16,720 | 71,515 | +11,330 | -91,208 | 9,096 | |
| 77,338 | 17,153 | 60,185 | +1,401 | -86,384 | 12,768 | |
| 74,757 | 15,973 | 58,784 | -919 | -90,983 | 17,813 | |
| 75,881 | 16,178 | 59,703 | -6,844 | -89,338 | 16,244 | |
| 82,442 | 15,895 | 66,547 | -2,461 | -97,586 | 17,108 | |
| 84,705 | 15,697 | 69,008 | -196 | -102,264 | 17,856 | |
| 87,096 | 17,892 | 69,204 | -6,543 | -109,260 | 25,325 | |
| 91,214 | 15,467 | 75,747 | +5,247 | -114,904 | 26,259 | |
| 85,600 | 15,100 | 70,500 | -3,688 | -110,891 | 27,179 | |
| 87,457 | 13,269 | 74,188 | -300 | -111,707 | 26,208 | |
| 88,517 | 14,029 | 74,488 | +11,015 | -114,732 | 27,589 | |
| 80,400 | 16,927 | 63,473 | +2,536 | -101,414 | 29,397 | |
| 76,037 | 15,100 | 60,937 | +1,352 | -103,114 | 31,085 |
Every week back to 2006: Copper disaggregated CSV.
Recent history
| Report date | Open interest | Large spec net | Δ | Commercial net | Δ | Small trader net |
|---|---|---|---|---|---|---|
| 2026-10-20 | 327,119 | 57,397 | -11,123 | -64,296 | +12,341 | 6,899 |
| 2026-10-13 | 313,832 | 68,520 | -914 | -76,637 | +1,286 | 8,117 |
| 2026-10-06 | 304,033 | 69,434 | -15,977 | -77,923 | +16,918 | 8,489 |
| 2026-09-29 | 301,201 | 85,411 | -5,111 | -94,841 | +5,594 | 9,430 |
| 2026-09-22 | 301,657 | 90,522 | +15,388 | -100,435 | -16,048 | 9,913 |
| 2026-09-15 | 289,463 | 75,134 | -17,342 | -84,387 | +20,257 | 9,253 |
| 2026-09-08 | 297,491 | 92,476 | +11,607 | -104,644 | -12,537 | 12,168 |
| 2026-09-01 | 282,640 | 80,869 | -4,397 | -92,107 | +2,942 | 11,238 |
| 2026-08-25 | 283,299 | 85,266 | +5,518 | -95,049 | -4,909 | 9,783 |
| 2026-08-18 | 281,563 | 79,748 | -640 | -90,140 | +1,106 | 10,392 |
| 2026-08-11 | 297,047 | 80,388 | +3,265 | -91,246 | -5,077 | 10,858 |
| 2026-08-04 | 289,395 | 77,123 | +9,842 | -86,169 | -10,008 | 9,046 |
| 2026-07-28 | 274,552 | 67,281 | -6,696 | -76,161 | +5,951 | 8,880 |
| 2026-07-21 | 270,048 | 73,977 | +9,592 | -82,112 | -8,496 | 8,135 |
| 2026-07-14 | 259,873 | 64,385 | +113 | -73,616 | -446 | 9,231 |
| 2026-07-07 | 250,948 | 64,272 | -516 | -73,170 | -76 | 8,898 |
| 2026-06-30 | 254,335 | 64,788 | -6,832 | -73,094 | +7,384 | 8,306 |
| 2026-06-23 | 268,800 | 71,620 | -3,730 | -80,478 | +3,930 | 8,858 |
| 2026-06-16 | 270,752 | 75,350 | +900 | -84,408 | -473 | 9,058 |
| 2026-06-09 | 274,331 | 74,450 | -4,383 | -83,935 | +4,710 | 9,485 |
| 2026-06-02 | 276,892 | 78,833 | +5,793 | -88,645 | -4,933 | 9,812 |
| 2026-05-26 | 266,243 | 73,040 | -2,846 | -83,712 | +1,787 | 10,672 |
| 2026-05-19 | 257,964 | 75,886 | -423 | -85,499 | +1,644 | 9,613 |
| 2026-05-12 | 259,808 | 76,309 | +13,460 | -87,143 | -15,126 | 10,834 |
| 2026-05-05 | 232,609 | 62,849 | -432 | -72,017 | +12 | 9,168 |
| 2026-04-28 | 230,596 | 63,281 | +4,077 | -72,029 | -2,694 | 8,748 |
Full history, no login: CSV (1989-07-31 → 2026-10-20) · JSON
Contract facts
FAQ
- Are large speculators long or short Copper futures?
- As of the 2026-10-20 COT report, large speculators (non-commercial traders) are net long 57,397 contracts in Copper futures.
- What is the managed money position in Copper futures?
- As of the 2026-10-20 COT report, managed money traders are net long 47,690 contracts (67,225 long, 19,535 short) in Copper futures. The week-by-week table on this page lists the last 26 reports.
- How current is this Copper COT data?
- The latest report is dated 2026-10-20 (positions as of that Tuesday's close), published by the CFTC on 2026-10-23. This page updates within minutes of each weekly release.
- Where can I download Copper COT history?
- The full weekly series (1989-07-31 to 2026-10-20) is free at /data/cot/copper.csv - no login, no cap.
Learn: how to read this report · commercials vs non-commercials · glossary
Related markets
Source: CFTC Commitments of Traders, legacy futures-only report, contract code 085692. Dataset coverage 1989-07-31 → 2026-10-20. Methodology.