Base Metals Preview: Copper speculative longs extend slide

Base metals speculators sharply reduced 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 20686 contracts in the data reported through August 5, 2025, slumping by 16661 contracts and testing three-month low.

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