FIG 01 — METALS · HG
Copper Positioning
Managed Money net
82,154
WoW change
+9,272
Open interest
297,491
3Y index
52w: 100
FIG 02 — NET POSITIONING · 3 YEARS · SHADED = 52W SPEC RANGE
FIG 03 — WEEK-OVER-WEEK CHANGE · MANAGED MONEY · 26 WEEKS
FIG 04 — READ
What this week's report says
CautionPositioning is stretched: managed money are more net long than in 100% of the past 3 years. Crowded longs raise reversal risk — a caution flag, not a sell signal on its own.
Managed money added 6,577 long contracts and cut 2,695 short contracts in Copper this week — a net bullish shift of +9,272 contracts. They remain net long overall.
Managed money and producers & merchants moved in opposite directions this week — speculative and institutional flows disagree on Copper.
Open interest rose alongside the positioning change — fresh money is entering, which typically strengthens the move rather than short-covering.
Data as of Tue 2026-09-08 · source CFTC Disaggregated report · next update 2026-09-18