Speculative interest in U.S. copper futures and options eased in the latest reporting period, with net long positions slipping from 92.5K to 75.1K, according to data updated on 18 September 2026 by the U.S. Commodity Futures Trading Commission (CFTC).
The decline in net speculative longs suggests that traders have become more cautious on copper, paring back bullish exposure after the previous higher reading. While positioning remains net long, the moderation from 92.5K to 75.1K points to a cooling in speculative momentum, which can influence short‑term price dynamics in the copper market.
Market participants will now be watching whether this pullback in positioning marks the start of a broader reassessment of the demand outlook, or merely a pause after an extended build‑up of bullish bets in earlier weeks.
