Copper
Disaggregated COT · CFTC 085692
Producer hedge ratio8.6%Under-hedged · Bullish
PhaseCapitulation
Producer net-35,000
Managed money net-20,000
Disaggregated positioning
Producers hedge by selling — heavy producer shorts at low prices are bullish.
CategoryLongShortNet
Producer / Merchant60,00095,000-35,000
Swap Dealers40,00030,000+10,000
Managed Money70,00090,000-20,000
Other Reportables20,00018,000+2,000
Non-Reportables15,00014,000+1,000
Open interest250,000 (-3,000)
Commercial vs speculator
When commercials (smart money) and speculators diverge, commercials usually win.
Aligned
- Commercial net
- -25,000
- Speculator net
- -20,000
Market reference
Contract spec and its currency linkage.
- Contract size
- 25,000 lbs
- Correlated currency
- AUD
- Correlation
- 0.78
- Report date
- 2026-05-26