Copper COT Report
Positions in COMEX copper futures (25,000 lbs) as of Tuesday Oct 13, 2026, released by the CFTC on Friday Oct 16, 2026. Next report: positions as of Oct 20, 2026, scheduled for release on Friday Oct 23, 2026 at 3:30 p.m. ET.
CFTC Commitments of Traders report as of Oct 13, 2026
What changed this week
In the week to Tuesday Oct 13, 2026, large speculators (non-commercial traders) in copper futures cut their net long by 914 contracts to 68,520, the 3rd straight week their net position fell. Their 3-year COT index stands at 81, on a scale where 0 is the lowest net position of the past 3 years (-32,697 on Feb 13, 2024) and 100 the highest (+92,476 on Sep 8, 2026). In the Disaggregated report, managed money traders were net long 61,058 contracts, a weekly change of -76. Commercial hedgers were net short 76,637, a weekly change of +1,286. Open interest rose by 9,799 to 313,832 contracts.
Positions by trader group
Contracts · Oct 13, 2026| Trader group | Report | Long | Short | Net | Net, w/w | Net % OI | 3-yr COT index |
|---|---|---|---|---|---|---|---|
| Large speculators (non-commercial) | Legacy | 107,559 | 39,039 | +68,520 | -914 | +21.8% | 81 |
| Commercials (hedgers) | Legacy | 105,636 | 182,273 | -76,637 | +1,286 | -24.4% | 21 |
| Small traders (non-reportable) | Legacy | 17,634 | 9,517 | +8,117 | -372 | +2.6% | 56 |
| Managed money | Disaggregated | 77,643 | 16,585 | +61,058 | -76 | +19.5% | 83 |
| Producers, merchants, processors & users | Disaggregated | 42,530 | 132,996 | -90,466 | +2,254 | -28.8% | 23 |
| Swap dealers | Disaggregated | 54,748 | 40,919 | +13,829 | -968 | +4.4% | 25 |
| Other reportables | Disaggregated | 29,916 | 22,454 | +7,462 | -838 | +2.4% | 65 |
- Large speculators (non-commercial): Reportable traders that do not qualify as commercial hedgers for this commodity.
- Commercials (hedgers): Reportable traders whose futures positions in this commodity are hedges as defined in CFTC Regulation 1.3.
- Small traders (non-reportable): Open interest left after subtracting all reportable positions; positions below the CFTC reporting levels.
- Managed money: Registered commodity trading advisors and pool operators, and unregistered funds the CFTC identifies.
- Producers, merchants, processors & users: Firms that produce, process, pack or handle the physical commodity and hedge that business.
- Swap dealers: Firms that deal primarily in swaps on the commodity and hedge those swaps in futures.
- Other reportables: Reportable traders that fit none of the three categories above.
Large speculators' net position, last 5 years
Contracts, weeklyCOT index by lookback (large speculators)
| Lookback | COT index | Percentile | Range low | Range high |
|---|---|---|---|---|
| 26 weeks | 28 | 31% | +59,204 Apr 21, 2026 | +92,476 Sep 8, 2026 |
| 52 weeks | 56 | 65% | +37,537 Mar 24, 2026 | +92,476 Sep 8, 2026 |
| 3 years | 81 | 88% | -32,697 Feb 13, 2024 | +92,476 Sep 8, 2026 |
| All history (since 2006) | 84 | 97% | -58,841 Sep 3, 2019 | +92,476 Sep 8, 2026 |
0 = lowest net position of the lookback, 100 = highest. Percentile = share of weeks in the lookback with a net position at or below this week's.
Positioning extremes
| Window | Highest net | Lowest net |
|---|---|---|
| Past 52 weeks | +92,476 Sep 8, 2026 | +37,537 Mar 24, 2026 |
| Past 3 years | +92,476 Sep 8, 2026 | -32,697 Feb 13, 2024 |
| Past 5 years | +92,476 Sep 8, 2026 | -35,702 May 30, 2023 |
| Since Jan 3, 2006 | +92,476 Sep 8, 2026 | -58,841 Sep 3, 2019 |
| Window | Highest net | Lowest net |
|---|---|---|
| Past 52 weeks | +82,522 Sep 22, 2026 | +35,284 Mar 24, 2026 |
| Past 3 years | +82,522 Sep 22, 2026 | -43,928 Feb 13, 2024 |
| Past 5 years | +82,522 Sep 22, 2026 | -43,928 Feb 13, 2024 |
| Since Jun 13, 2006 | +125,372 Sep 5, 2017 | -75,114 Aug 6, 2019 |
Weekly history, last 3 years
Download full history (CSV)| Report date | Large specs net | w/w | Managed money net | Commercials net | Open interest | 3-yr index |
|---|---|---|---|---|---|---|
| 2026-10-13 | +68,520 | -914 | +61,058 | -76,637 | 313,832 | 81 |
| 2026-10-06 | +69,434 | -15,977 | +61,134 | -77,923 | 304,033 | 82 |
| 2026-09-29 | +85,411 | -5,111 | +78,058 | -94,841 | 301,201 | 94 |
| 2026-09-22 | +90,522 | +15,388 | +82,522 | -100,435 | 301,657 | 98 |
| 2026-09-15 | +75,134 | -17,342 | +65,106 | -84,387 | 289,463 | 86 |
| 2026-09-08 | +92,476 | +11,607 | +82,154 | -104,644 | 297,491 | 100 |
| 2026-09-01 | +80,869 | -4,397 | +72,882 | -92,107 | 282,640 | 96 |
| 2026-08-25 | +85,266 | +5,518 | +76,271 | -95,049 | 283,299 | 100 |
| 2026-08-18 | +79,748 | -640 | +78,648 | -90,140 | 281,563 | 99 |
| 2026-08-11 | +80,388 | +3,265 | +79,027 | -91,246 | 297,047 | 100 |
| 2026-08-04 | +77,123 | +9,842 | +75,758 | -86,169 | 289,395 | 98 |
| 2026-07-28 | +67,281 | -6,696 | +65,008 | -76,161 | 274,552 | 90 |
| 2026-07-21 | +73,977 | +9,592 | +71,515 | -82,112 | 270,048 | 96 |
| 2026-07-14 | +64,385 | +113 | +60,185 | -73,616 | 259,873 | 87 |
| 2026-07-07 | +64,272 | -516 | +58,784 | -73,170 | 250,948 | 87 |
| 2026-06-30 | +64,788 | -6,832 | +59,703 | -73,094 | 254,335 | 87 |
| 2026-06-23 | +71,620 | -3,730 | +66,547 | -80,478 | 268,800 | 94 |
| 2026-06-16 | +75,350 | +900 | +69,008 | -84,408 | 270,752 | 97 |
| 2026-06-09 | +74,450 | -4,383 | +69,204 | -83,935 | 274,331 | 96 |
| 2026-06-02 | +78,833 | +5,793 | +75,747 | -88,645 | 276,892 | 100 |
| 2026-05-26 | +73,040 | -2,846 | +70,500 | -83,712 | 266,243 | 97 |
| 2026-05-19 | +75,886 | -423 | +74,188 | -85,499 | 257,964 | 100 |
| 2026-05-12 | +76,309 | +13,460 | +74,488 | -87,143 | 259,808 | 100 |
| 2026-05-05 | +62,849 | -432 | +63,473 | -72,017 | 232,609 | 92 |
| 2026-04-28 | +63,281 | +4,077 | +60,937 | -72,029 | 230,596 | 92 |
| 2026-04-21 | +59,204 | +4,095 | +59,585 | -69,335 | 250,504 | 88 |
| 2026-04-14 | +55,109 | +14,882 | +52,333 | -64,141 | 245,595 | 85 |
| 2026-04-07 | +40,227 | +123 | +38,393 | -51,615 | 224,634 | 71 |
| 2026-03-31 | +40,104 | +2,567 | +39,172 | -49,809 | 220,756 | 71 |
| 2026-03-24 | +37,537 | -10,507 | +35,284 | -46,288 | 221,772 | 68 |
| 2026-03-17 | +48,044 | -3,622 | +46,558 | -59,434 | 231,319 | 78 |
| 2026-03-10 | +51,666 | -6,015 | +47,676 | -62,633 | 235,322 | 81 |
| 2026-03-03 | +57,681 | -759 | +48,494 | -69,744 | 244,932 | 87 |
| 2026-02-24 | +58,440 | -891 | +51,027 | -72,348 | 261,235 | 88 |
| 2026-02-17 | +59,331 | +13,458 | +53,774 | -73,886 | 272,967 | 88 |
| 2026-02-10 | +45,873 | -1,941 | +55,564 | -60,792 | 270,792 | 76 |
| 2026-02-03 | +47,814 | -576 | +55,923 | -62,551 | 278,845 | 78 |
| 2026-01-27 | +48,390 | -4,185 | +58,018 | -64,812 | 278,219 | 78 |
| 2026-01-20 | +52,575 | -866 | +62,806 | -69,186 | 278,431 | 82 |
| 2026-01-13 | +53,441 | -4,417 | +63,391 | -68,962 | 269,813 | 83 |
| 2026-01-06 | +57,858 | -1,981 | +68,242 | -72,014 | 267,027 | 87 |
| 2025-12-30 | +59,839 | -7,249 | +71,019 | -72,708 | 260,139 | 89 |
| 2025-12-23 | +67,088 | +2,262 | +75,619 | -80,446 | 267,343 | 96 |
| 2025-12-16 | +64,826 | +2,347 | +75,134 | -78,879 | 256,887 | 94 |
| 2025-12-09 | +62,479 | +9,066 | +70,484 | -76,183 | 250,821 | 91 |
| 2025-12-02 | +53,413 | +9,776 | +63,459 | -66,516 | 242,931 | 83 |
| 2025-11-25 | +43,637 | -8,322 | +57,547 | -54,001 | 233,461 | 74 |
| 2025-11-18 | +51,959 | -3,567 | +61,603 | -63,120 | 251,537 | 82 |
| 2025-11-10 | +55,526 | -849 | +63,284 | -68,856 | 265,474 | 85 |
| 2025-11-04 | +56,375 | +7,281 | +60,729 | -68,584 | 269,926 | 86 |
| 2025-10-28 | +49,094 | +7,883 | +61,994 | -60,803 | 272,068 | 79 |
| 2025-10-21 | +41,211 | -1,416 | +56,676 | -52,133 | 258,680 | 72 |
| 2025-10-14 | +42,627 | +3,558 | +58,384 | -53,243 | 252,089 | 73 |
| 2025-10-07 | +39,069 | +6,503 | +56,449 | -50,872 | 250,850 | 70 |
| 2025-09-30 | +32,566 | +2,336 | +48,425 | -42,550 | 230,658 | 64 |
| 2025-09-23 | +30,230 | -118 | +43,389 | -38,253 | 227,318 | 61 |
| 2025-09-16 | +30,348 | +3,107 | +42,097 | -38,424 | 221,011 | 62 |
| 2025-09-09 | +27,241 | +1,583 | +38,375 | -36,015 | 208,356 | 59 |
| 2025-09-02 | +25,658 | -572 | +35,556 | -33,950 | 195,673 | 57 |
| 2025-08-26 | +26,230 | +198 | +28,754 | -34,994 | 190,049 | 58 |
| 2025-08-19 | +26,032 | -2,179 | +25,609 | -35,365 | 195,080 | 57 |
| 2025-08-12 | +28,211 | +7,525 | +25,168 | -38,033 | 193,751 | 60 |
| 2025-08-05 | +20,686 | -16,661 | +18,249 | -32,762 | 197,933 | 53 |
| 2025-07-29 | +37,347 | -2,475 | +36,660 | -37,076 | 228,444 | 68 |
| 2025-07-22 | +39,822 | -902 | +39,279 | -40,614 | 228,192 | 70 |
| 2025-07-15 | +40,724 | +1,120 | +39,303 | -42,025 | 224,583 | 71 |
| 2025-07-08 | +39,604 | +5,914 | +37,638 | -41,102 | 230,251 | 70 |
| 2025-07-01 | +33,690 | +4,257 | +31,790 | -37,293 | 212,300 | 65 |
| 2025-06-24 | +29,433 | +5,633 | +28,249 | -31,719 | 203,404 | 61 |
| 2025-06-17 | +23,800 | -2,551 | +22,648 | -28,683 | 202,728 | 55 |
| 2025-06-10 | +26,351 | +2,257 | +25,612 | -30,284 | 207,359 | 58 |
| 2025-06-03 | +24,094 | +1,513 | +23,165 | -27,013 | 211,857 | 56 |
| 2025-05-27 | +22,581 | +1,543 | +20,837 | -26,075 | 208,601 | 54 |
| 2025-05-20 | +21,038 | -484 | +20,882 | -23,423 | 205,105 | 53 |
| 2025-05-13 | +21,522 | -181 | +23,792 | -24,343 | 195,840 | 53 |
| 2025-05-06 | +21,703 | +2,334 | +22,085 | -22,355 | 192,752 | 53 |
| 2025-04-29 | +19,369 | -5,396 | +18,926 | -20,064 | 191,990 | 51 |
| 2025-04-22 | +24,765 | +5,288 | +16,155 | -23,650 | 196,712 | 56 |
| 2025-04-15 | +19,477 | -4,764 | +13,370 | -20,172 | 202,997 | 51 |
| 2025-04-08 | +24,241 | -5,784 | +14,166 | -21,429 | 220,390 | 56 |
| 2025-04-01 | +30,025 | -4,079 | +34,432 | -31,109 | 245,181 | 61 |
| 2025-03-25 | +34,104 | +8,912 | +36,696 | -34,530 | 251,957 | 65 |
| 2025-03-18 | +25,192 | +6,594 | +23,952 | -27,552 | 237,882 | 57 |
| 2025-03-11 | +18,598 | +5,586 | +14,216 | -22,056 | 227,359 | 51 |
| 2025-03-04 | +13,012 | -6,010 | +8,902 | -16,189 | 218,780 | 45 |
| 2025-02-25 | +19,022 | -3,041 | +18,657 | -22,608 | 222,133 | 51 |
| 2025-02-18 | +22,063 | +1,167 | +30,046 | -24,720 | 238,331 | 54 |
| 2025-02-11 | +20,896 | +5,475 | +24,433 | -24,842 | 243,961 | 53 |
| 2025-02-04 | +15,421 | +2,376 | +18,464 | -18,710 | 235,599 | 48 |
| 2025-01-28 | +13,045 | -3,618 | +16,542 | -18,357 | 234,867 | 45 |
| 2025-01-21 | +16,663 | +4,825 | +19,314 | -21,729 | 217,298 | 49 |
| 2025-01-14 | +11,838 | +7,568 | +14,565 | -14,543 | 209,052 | 44 |
| 2025-01-07 | +4,270 | +3,511 | +6,182 | -6,423 | 218,477 | 37 |
| 2024-12-31 | +759 | -1,045 | -4,319 | -5,902 | 219,739 | 34 |
| 2024-12-24 | +1,804 | -4,136 | +1,438 | -7,997 | 213,742 | 35 |
| 2024-12-17 | +5,940 | -5,019 | +6,382 | -11,750 | 207,513 | 39 |
| 2024-12-10 | +10,959 | +493 | +13,539 | -16,889 | 208,126 | 43 |
| 2024-12-03 | +10,466 | +541 | +11,687 | -14,783 | 213,182 | 43 |
| 2024-11-26 | +9,925 | -5,517 | +9,219 | -15,761 | 203,954 | 42 |
| 2024-11-19 | +15,442 | -5,403 | +9,336 | -21,842 | 223,447 | 48 |
| 2024-11-12 | +20,845 | -2,825 | +9,899 | -30,413 | 232,280 | 53 |
| 2024-11-05 | +23,670 | -69 | +18,930 | -34,211 | 251,994 | 55 |
| 2024-10-29 | +23,739 | -8,716 | +17,520 | -34,239 | 247,710 | 55 |
| 2024-10-22 | +32,455 | -3,067 | +23,240 | -43,860 | 242,120 | 63 |
| 2024-10-15 | +35,522 | -7,574 | +26,211 | -45,219 | 242,791 | 66 |
| 2024-10-08 | +43,096 | -96 | +35,693 | -52,304 | 241,373 | 73 |
| 2024-10-01 | +43,192 | +10,062 | +38,005 | -50,840 | 240,587 | 73 |
| 2024-09-24 | +33,130 | +13,448 | +32,848 | -39,627 | 226,141 | 64 |
| 2024-09-17 | +19,682 | +6,870 | +19,882 | -25,602 | 204,717 | 52 |
| 2024-09-10 | +12,812 | -149 | +15,523 | -18,448 | 203,377 | 45 |
| 2024-09-03 | +12,961 | -4,184 | +12,276 | -18,964 | 201,953 | 45 |
| 2024-08-27 | +17,145 | -3,129 | +16,587 | -26,002 | 214,577 | 49 |
| 2024-08-20 | +20,274 | +4,477 | +13,612 | -28,005 | 228,892 | 52 |
| 2024-08-13 | +15,797 | -3,801 | +7,475 | -24,403 | 229,752 | 48 |
| 2024-08-06 | +19,598 | -4,877 | +6,936 | -28,281 | 249,019 | 51 |
| 2024-07-30 | +24,475 | -17,745 | +10,205 | -35,663 | 260,246 | 56 |
| 2024-07-23 | +42,220 | -16,680 | +21,631 | -52,630 | 254,535 | 73 |
| 2024-07-16 | +58,900 | +2,869 | +42,895 | -69,858 | 270,330 | 88 |
| 2024-07-09 | +56,031 | +6,808 | +43,956 | -67,549 | 263,869 | 85 |
| 2024-07-02 | +49,223 | -903 | +33,747 | -62,127 | 256,039 | 79 |
| 2024-06-25 | +50,126 | -2,495 | +39,031 | -62,465 | 255,809 | 80 |
| 2024-06-18 | +52,621 | -8,667 | +45,634 | -64,515 | 265,935 | 82 |
| 2024-06-11 | +61,288 | +161 | +53,217 | -73,291 | 270,090 | 90 |
| 2024-06-04 | +61,127 | -4,395 | +55,050 | -74,715 | 283,719 | 90 |
| 2024-05-28 | +65,522 | -6,172 | +62,988 | -76,754 | 298,839 | 94 |
| 2024-05-21 | +71,694 | +9,914 | +75,307 | -81,717 | 303,409 | 100 |
| 2024-05-14 | +61,780 | -868 | +69,225 | -69,656 | 316,141 | 99 |
| 2024-05-07 | +62,648 | +4,584 | +61,851 | -70,012 | 300,392 | 100 |
| 2024-04-30 | +58,064 | -330 | +59,008 | -66,642 | 293,492 | 100 |
| 2024-04-23 | +58,394 | +10,825 | +62,992 | -66,195 | 308,479 | 100 |
| 2024-04-16 | +47,569 | +4,875 | +47,071 | -56,086 | 299,220 | 93 |
| 2024-04-09 | +42,694 | +22,398 | +43,232 | -49,506 | 301,181 | 88 |
| 2024-04-02 | +20,296 | -2,787 | +10,280 | -28,946 | 293,955 | 63 |
| 2024-03-26 | +23,083 | -8,842 | +15,087 | -30,844 | 280,731 | 66 |
| 2024-03-19 | +31,925 | +26,498 | +31,145 | -39,502 | 269,690 | 76 |
| 2024-03-12 | +5,427 | +10,754 | +5,783 | -7,445 | 219,445 | 46 |
| 2024-03-05 | -5,327 | -3,724 | -8,563 | +2,708 | 198,561 | 34 |
| 2024-02-27 | -1,603 | +14,339 | +5,046 | +280 | 189,805 | 34 |
| 2024-02-20 | -15,942 | +16,755 | -10,953 | +16,208 | 229,777 | 18 |
| 2024-02-13 | -32,697 | -18,987 | -43,928 | +30,426 | 257,761 | 3 |
| 2024-02-06 | -13,710 | -5,112 | -22,117 | +10,888 | 245,784 | 20 |
| 2024-01-30 | -8,598 | +21,325 | -4,821 | +7,271 | 229,699 | 24 |
| 2024-01-23 | -29,923 | -4,617 | -32,707 | +27,695 | 233,110 | 5 |
| 2024-01-16 | -25,306 | -12,139 | -27,158 | +22,851 | 219,315 | 9 |
| 2024-01-09 | -13,167 | -21,784 | -18,172 | +9,029 | 206,716 | 20 |
| 2024-01-02 | +8,617 | +1,540 | +8,689 | -11,638 | 190,752 | 40 |
| 2023-12-26 | +7,077 | +1,518 | +14,198 | -10,156 | 189,731 | 39 |
| 2023-12-19 | +5,559 | +9,563 | +15,067 | -7,646 | 189,537 | 37 |
| 2023-12-12 | -4,004 | -2,010 | +6,300 | +5,131 | 176,034 | 29 |
| 2023-12-05 | -1,994 | +1,878 | +7,175 | +2,139 | 176,373 | 29 |
| 2023-11-28 | -3,872 | -329 | +6,750 | +4,912 | 173,233 | 28 |
| 2023-11-21 | -3,543 | +13,065 | +10,294 | +5,535 | 187,077 | 28 |
| 2023-11-14 | -16,608 | -6,320 | -12,609 | +16,449 | 206,072 | 16 |
| 2023-11-07 | -10,288 | +6,873 | -8,719 | +11,051 | 213,615 | 22 |
| 2023-10-31 | -17,161 | +3,599 | -14,473 | +18,395 | 222,566 | 16 |
| 2023-10-24 | -20,760 | +5,129 | -17,704 | +21,401 | 224,704 | 13 |
| 2023-10-17 | -25,889 | -11,134 | -21,427 | +23,308 | 220,619 | 8 |
Year-by-year history (large speculators)
| Year | Reports | Average net | Highest | Lowest | Last report | Avg open interest |
|---|---|---|---|---|---|---|
| 2026 | 41 | +65,476 | +92,476 Sep 8 | +37,537 Mar 24 | +68,520 | 266,867 |
| 2025 | 52 | +31,693 | +67,088 Dec 23 | +4,270 Jan 7 | +59,839 | 226,085 |
| 2024 | 53 | +24,465 | +71,694 May 21 | -32,697 Feb 13 | +759 | 245,544 |
| 2023 | 52 | -8,819 | +20,170 Jan 24 | -35,702 May 30 | +7,077 | 206,094 |
| 2022 | 52 | -3,254 | +36,142 Apr 5 | -31,796 Jul 5 | +724 | 182,473 |
| 2021 | 52 | +33,689 | +75,405 Feb 23 | +4,437 Dec 21 | +14,383 | 220,433 |
| 2020 | 52 | +20,215 | +80,039 Dec 8 | -45,659 Feb 11 | +71,281 | 224,172 |
| 2019 | 52 | -21,155 | +31,256 Mar 5 | -58,841 Sep 3 | +5,144 | 255,738 |
| 2018 | 53 | +23,637 | +70,537 Jun 12 | -10,348 Dec 31 | -10,348 | 258,887 |
| 2017 | 52 | +32,320 | +57,276 Jan 31 | +8,081 May 9 | +53,269 | 277,995 |
| 2016 | 52 | -7,366 | +61,115 Dec 13 | -44,811 Jun 14 | +45,763 | 197,618 |
| 2015 | 52 | -20,233 | +9,341 May 19 | -41,984 Feb 10 | -30,106 | 170,499 |
| 2014 | 52 | -13,680 | +14,627 Jul 15 | -35,053 Dec 30 | -35,053 | 157,120 |
| 2013 | 52 | -10,990 | +16,204 Feb 5 | -33,898 Nov 19 | +10,363 | 164,194 |
| 2012 | 53 | -362 | +15,054 Dec 18 | -17,771 Aug 14 | +9,331 | 148,439 |
| 2011 | 52 | +12,379 | +31,613 Jan 4 | -7,059 Oct 11 | -3,592 | 133,728 |
| 2010 | 52 | +17,133 | +32,163 Dec 21 | +1,282 Jun 8 | +31,802 | 142,839 |
| 2009 | 52 | -10,749 | +14,534 Dec 29 | -27,494 Feb 24 | +14,534 | 112,927 |
| 2008 | 52 | -4,396 | +10,000 Mar 11 | -19,445 Dec 30 | -19,445 | 91,401 |
| 2007 | 53 | -9,417 | +4,039 Oct 9 | -21,898 Feb 6 | -7,270 | 77,231 |
| 2006 | 52 | -6,230 | +3,752 Feb 7 | -20,207 Dec 26 | -20,207 | 81,171 |
About this data
Source: the U.S. Commodity Futures Trading Commission's Commitments of Traders reports, read from the CFTC's public reporting API. Contract: COMEX copper futures (25,000 lbs), CFTC contract market code 085692. Every figure is in contracts and comes from the futures-only reports: the Legacy report (dataset 6dca-aqww) for large speculators, commercials and small traders, and the Disaggregated report (dataset 72hh-3qpy) for managed money, producers and merchants, and swap dealers.
Net position = long minus short contracts; spreading positions are excluded. Weekly changes for the Legacy groups are the CFTC's own; for the Disaggregated groups they are the difference from the previous report. The COT index and percentiles are AlphaScala calculations over the stored weekly history, which starts on Jan 3, 2006 (1,085 reports). The data describes what traders held on each Tuesday; it is not a forecast or a recommendation. See the methodology for how AlphaScala sources data.
FAQ
What does the Copper COT report show?
The CFTC's weekly Commitments of Traders report breaks down open interest in COMEX copper futures (25,000 lbs), CFTC contract code 085692, by type of trader. This page uses two of its reports: the Legacy report, which splits reportable traders into commercial and non-commercial, and the Disaggregated report, which splits them into producers and merchants, swap dealers, managed money and other reportables. Both are the futures-only versions, so options positions are not included. The latest report here holds positions as of Oct 13, 2026.
When is the COT report released?
The CFTC collects positions as of the close of business on Tuesday and generally publishes them on Friday at 3:30 p.m. Eastern time. A federal holiday between the Tuesday and the Friday delays the release, typically to the following Monday (Veterans Day, Thanksgiving and Christmas weeks, for example), and the CFTC lists those dates on its release schedule in advance; a Monday holiday such as Columbus Day does not. Publication stops during a lapse in federal funding, with the missed reports released afterwards. AlphaScala checks for the new report on Friday evening and again on Monday (UTC).
Who counts as a large speculator in the COT report?
In the Legacy report, a reportable trader is classified as commercial in a commodity if it uses futures in that commodity for hedging as defined in CFTC Regulation 1.3. Traders generally get that classification by filing CFTC Form 40, and CFTC staff can reclassify them. Every other reportable trader is non-commercial, the group COT readers call large speculators. A trader can be commercial in one commodity and non-commercial in another, but not both in the same commodity.
What is managed money in the COT report?
In the Disaggregated report, managed money means registered commodity trading advisors (CTAs), registered commodity pool operators (CPOs) and unregistered funds the CFTC identifies, all trading futures on behalf of clients. It is narrower than the Legacy non-commercial group. The report's other categories are producers, merchants, processors and users of the physical commodity, swap dealers, and other reportable traders.
What are non-reportable positions?
The CFTC sets a reporting level for each contract, and clearing members, futures commission merchants and foreign brokers report every trader at or above it. Non-reportable positions are what is left of open interest after subtracting all reportable positions, so the number of those traders and whether they are hedgers is unknown. They are usually read as small traders.
How is the COT index calculated?
COT index = (current net position − lowest net position in the lookback) ÷ (highest − lowest) × 100, using the weekly net position of large speculators (longs minus shorts; spreading positions are left out). 0 is the most net short, or least net long, of the lookback and 100 the most net long. AlphaScala shows 26-week, 52-week and 3-year versions, plus a percentile: the share of weeks in the window with a net position at or below the current one. Both describe positioning relative to its own history; neither is a forecast.