May 6 — The latest Commitments of Traders (COT) report released by the U.S. Commodity Futures Trading Commission (CFTC) shows that speculative funds have increased their net long positions in COMEX copper futures and options for a third consecutive week. This marks the fourth rise in net longs over the past five weeks, signaling a sustained bullish outlook among speculative capital and a continued pickup in market sentiment.

Data indicates that for the week ending April 28, speculative funds held a net long position of 60,796 contracts in COMEX copper futures and options, up 1,664 contracts, or 3%, from the previous week. Notably, funds had already added 6,995 net long contracts in the prior week. The three-week streak of position building highlights a strengthening commitment to long positions and firm bullish conviction.

A closer look at positioning shows a constructive shift in both long and short positions, further expanding net longs. Fund long positions rose by 1,557 contracts to 75,914, reflecting continued inflows and strong appetite for bullish exposure. Meanwhile, short positions declined by 107 contracts to 15,118, indicating a modest retreat of bearish bets and a clear advantage for bulls in the market.

In addition, open interest—a key gauge of market activity—rose sharply to 246,267 contracts, an increase of 26,567 contracts week-on-week. This suggests improving liquidity and heightened participation in the COMEX copper futures and options market, with growing investor interest.

Market analysts note that the continued buildup of net long positions is closely tied to global copper supply-demand dynamics, macroeconomic expectations, and liquidity conditions. On the demand side, copper continues to benefit from structural support driven by the global green transition and electrification trends. On the supply side, disruptions in mine production have reinforced bullish expectations. Meanwhile, evolving expectations around Federal Reserve monetary policy have also provided a supportive backdrop for speculative positioning.

While the three-week increase in net longs sends a clear bullish signal in the near term, longer-term price trends will still depend on underlying fundamentals, including supply-demand balances and geopolitical risks. It is also important to note that the CFTC’s COT report reflects historical positioning and should not be viewed as a direct predictor of future price movements.

Source：Changjiang Nonferrous Metals Network