What is the Copper COT report?

It is the weekly CFTC Commitments of Traders breakdown for Copper #1 (COMEX): how many long and short futures contracts each group of large traders held as of the prior Tuesday, published the following Friday.

How do you read Copper net positioning?

Net position is long contracts minus short contracts for one trader group. A positive net means the group leans bullish; the weekly change matters more than the raw level.

What does the Copper COT index mean?

The COT index rescales a group's net position 0-100 against its own high and low over the chosen lookback. Above 80 is close to the most bullish that group has been; below 20 is close to the most bearish.

What is a bearish divergence in Copper?

A bearish divergence is Copper futures (front month) making new highs while the tracked trader group reduces its net long position — the rally is losing the sponsorship of the money that usually drives it.

Copper #1 (COMEX)

Copper positioning

Price series: Copper futures (front month) · positions as of Tuesday Jul 28, 2026, published Friday Jul 31, 2026

Last weekly close · Copper futures (front month)

6.4360

Managed money net position (contracts)

65,008

Bearish divergenceJun 2, 2026 → Jul 28, 2026 · 8-week windowconfirmed by 2 categories

Price is rising while this group reduces exposure — the move is losing committed buyers.

price +2.8% · managed money net position -10,739 (contracts, over 8 weekly reports)

Price vs positioning (contracts)

Price on top, and what the big traders were holding underneath it.

Price — Copper futures (front month)

Net position (contracts) — Net position = long contracts minus short contracts. Above the zero line = net long.

Signal classification tracks bullish divergencebearish divergenceconvergence (healthy trend)

COT Index

0–100 · vs last 3 years

How extreme today's positioning is compared with this group's own history.

Each group's current net position, rescaled 0–100 against its own high and low over the selected lookback. 0 = most bearish it has been in that window, 100 = most bullish. Unitless by design, so markets of very different sizes can be compared.

Non-commercial (large specs)90 · stretched long

Near the most bullish this group has been in the window.

Commercial (hedgers)10 · stretched short

Near the most bearish this group has been in the window.

Managed money91 · stretched long

Near the most bullish this group has been in the window.

Producers / merchants27 · neutral

Leaning short, but not yet at an extreme.

Swap dealers11 · stretched short

Near the most bearish this group has been in the window.

0 · most bearish50 · mid-range100 · most bullish

COT Index = ((Current − Min) / (Max − Min)) × 100, over the last 3 years

Managed money — COT index history (0–100, rolling 3 years window)

Gap & Gap Index

contracts · index 0–100

How far apart two trader groups are right now.

Gap = group A's net position minus group B's, measured in contracts. The Gap Index rescales that difference 0–100 against its own last 3 years: 0 = the two groups as close together as they get, 100 = as far apart as they get.

Gap Index · vs last 3 years

The two groups are pulling apart, above their usual range.

Current gap (contracts)

+150,287 contracts

Left axis: gap in contracts (positive = Managed money is more net long than Producers / merchants). Right axis: gap index, 0–100. Gap tracks Managed money − Producers / merchants.

Latest week by category

What each trader group was holding in the most recent report.

Positions as of Tuesday Jul 28, 2026, published Friday Jul 31, 2026, compared with the prior weekly report. Positive net = net long; negative net = net short. COT index is measured over the last 3 years.

Category	Long (contracts)	Short (contracts)	Net (contracts)	Weekly change (contracts)	COT index (0–100, 3y)
Non-commercial (large specs)	103,023	35,742	67,281	-6,696	90
Commercial (hedgers)	87,762	163,923	-76,161	+5,951	10
Managed money	82,988	17,980	65,008	-6,507	91
Producers / merchants	25,941	111,220	-85,279	+5,929	27
Swap dealers	53,154	44,036	9,118	+22	11

Signal log — Managed money

Every past signal in this market, and what price did afterwards.

Every rolling 8-week window classified as a bullish or bearish divergence, or as convergence where price and positioning agree. Price change is in percent; net change is in contracts.

Each row covers one stretch of weekly reports: the % is the price change over that stretch, the net figure is the change in the group's net position, in contracts.

Bearish divergenceJun 2, 2026 → Jul 28, 2026price +2.8% · net position -10,739 contracts
Convergence — healthy downtrendMay 19, 2026 → Jul 14, 2026price -1.9% · net position -14,003 contracts
Convergence — healthy uptrendMar 3, 2026 → Jun 23, 2026price +6.7% · net position +18,053 contracts
Convergence — healthy downtrendJan 6, 2026 → Mar 31, 2026price -5.0% · net position -29,070 contracts
Bearish divergenceDec 2, 2025 → Feb 24, 2026price +11.6% · net position -12,432 contracts
Convergence — healthy uptrendJul 29, 2025 → Jan 20, 2026price +34.0% · net position +26,146 contracts
Convergence — healthy downtrendJun 10, 2025 → Aug 5, 2025price -7.2% · net position -7,363 contracts
Bullish divergenceJun 3, 2025 → Jul 29, 2025price -8.6% · net position +13,495 contracts
Convergence — healthy uptrendApr 8, 2025 → Jul 22, 2025price +27.9% · net position +25,113 contracts
Bearish divergenceApr 1, 2025 → May 27, 2025price +6.1% · net position -13,595 contracts
Convergence — healthy downtrendMar 25, 2025 → May 20, 2025price -6.0% · net position -15,814 contracts
Bullish divergenceMar 11, 2025 → May 6, 2025price -5.3% · net position +7,869 contracts

Source: CFTC Commitments of Traders — positions as of Tuesday, published the following Friday. All position figures are futures contracts unless the % of open interest view is selected. Positioning is a sentiment tool, not a timing signal. Not investment advice.