Market sentiment took a sharp turn for the worse, and COMEX copper net long positions pulled back.

Published: Apr 7, 2025 13:16

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The report released by the US Commodity Futures Trading Commission (CFTC) showed that as of the week ending April 1, the net long positions in COMEX copper futures held by funds pulled back to 30,025 contracts.

Previously, the market sentiment was optimistic, and COMEX copper continuously hit new historical highs. However, with the recent escalation of tariff disputes, the market trading logic shifted to concerns about economic expectations, and market sentiment took a sharp downturn. The confidence of fund bulls pulled back. In the week ending April 1, fund long positions significantly declined to 94,101 contracts, while short positions also pulled back to 64,076 contracts. The total open interest ended its three-week increase, dropping to 245,181 contracts.

The chart below shows the performance of COMEX copper fund net positions and futures market since 2020:

The following is the data on changes in COMEX copper fund net positions since December 2024, as published by the CFTC:

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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