Copper #1 (COMEX)
Copper positioning
Price series: Copper futures (front month) · positions as of Tuesday Nov 3, 2026, published Friday Nov 6, 2026
This week · published Nov 6, 2026
Copper, week of Nov 3, 2026: Managed money sit at the 62nd percentile of their 3-year range. They cut 5,685 net long contracts on the week. 8-week signal: convergence — healthy downtrend.
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.
- Convergence — healthy downtrendSep 1, 2026 → Nov 3, 2026price -5.3% · net position -37,992 contracts
- Convergence — healthy uptrendJul 28, 2026 → Sep 22, 2026price +4.0% · net position +17,514 contracts
- Bearish divergenceJul 21, 2026 → Sep 15, 2026price +4.7% · net position -6,409 contracts
- Convergence — healthy uptrendJun 9, 2026 → Sep 8, 2026price +0.6% · net position +12,950 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
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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.