Bulls' Confidence Increased Again, COMEX Copper Net Long Positions Continue to Rebound

The Commodity Futures Trading Commission (CFTC) reported that, as of the week ending March 18, the net long position in COMEX copper futures held by funds continued to rebound to 25,192 contracts. As the market's expectation for the US to impose additional tariffs on imported copper continued to ferment, US copper prices continued to rise, boosting the confidence of bulls. During the week of March 18, the long positions of funds continued to rebound to 101,076 contracts, while short positions slightly pulled back to 75,884 contracts, with total open interest increasing once again to 237,882 contracts. The chart below shows the performance of net fund positions and futures prices for COMEX copper since 2020: The following is an overview of changes in the net fund positions for COMEX copper futures as reported by the CFTC since December 2024: