Base Metals Preview: Copper net speculative longs at two month low

Base metals speculators cut their net long positions in the Copper futures market last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds and retailers totaled a net long position of 21522 contracts in the data reported through May 13, 2025, dropping slightly by 181 contracts and yet again falling to two-month low.

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