Copper's setup is drawing bullish calls from independent research this week.
One published view frames the long-term supply-demand backdrop as overwhelmingly bullish, arguing copper should grind higher over time with the usual corrective pullbacks along the way. The structural case: not enough new supply coming online to meet where demand is headed.
A separate tactical read lines up with that direction. Researchers point out copper is sitting right at its 100-day moving average and comfortably above its 200-day, while record short positioning is now being unwound — a mix that has historically preceded upside moves. The same analysis flags a caveat worth noting: a broader liquidity squeeze or a sharp spike in market volatility could first drag the metal back down to its 200-day before any sustained move higher.
Net of it: the research consensus skims bullish on copper here, but with open acknowledgment that a risk-off shock could offer a lower entry first.
By the numbers:
• Positioning (CFTC, as of 20 Oct 2026): Copper: speculators (managed money) are net long, 14.6% of open interest. Positioning is near the bottom of its 52-week range (COT index 26 of 100), not at an extreme. The net position fell by 13,368 contracts on the week.