Base Metals Preview: Upside capped in Copper

Copper futures stayed supported amid steady cues from equities but failed to proceed beyond two week high. The red metal currently trades at $6.73 per pound, down marginally on the day. Meanwhile, base metal speculators yet again reduced their longs in the Copper futures market, according to the latest Commitment of Traders (COT) data. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds and retailers totalled a net long position of 69434 contracts in the data reported through October 6, 2026, witnessing a sharp drop of 15977 contracts. Net longs are currently at three-month low.

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