FIG 01 — METALS · HG
Copper Positioning
Managed Money net
71,515
WoW change
+11,330
Open interest
270,048
3Y index
52w: 93
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 96% of the past 3 years. Crowded longs raise reversal risk — a caution flag, not a sell signal on its own.
Managed money added 10,897 long contracts and cut 433 short contracts in Copper this week — a net bullish shift of +11,330 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 2026-07-21 · source CFTC Disaggregated report · next update 2026-07-31