Speculative interest in U.S. copper futures moderated, with CFTC copper speculative net positions dipping to 67.3K from a previous 74.0K, according to data updated on 31 July 2026. The figures signal a pullback in bullish exposure among traders after a stronger positioning in the prior reading.
While net positions remain in positive territory, the reduction suggests some investors may be locking in gains or tempering expectations about near-term price momentum. Market participants will now be watching whether this easing in speculative longs marks the start of a broader repositioning or merely a pause in what has been a supportive stance toward the red metal.
