Copper hits a record speculative net-long extreme in available COT history as gold shows a bearish weekly COT shift

Kitco08-17 18:42

Copper’s speculative positioning has reached the most extreme net-long level in the available COT history, while gold has registered a notable bearish weekly shift in commercial positioning. The two ...

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The two ...</p>\n\n<a href=\"https://www.kitco.com/opinion/2026-08-17/copper-hits-record-speculative-net-long-extreme-available-cot-history-gold-shows\">Source Link</a>\n\n</div>\n","source":"kitco_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Copper hits a record speculative net-long extreme in available COT history as gold shows a bearish weekly COT shift</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCopper hits a record speculative net-long extreme in available COT history as gold shows a bearish weekly COT shift\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-17 18:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.kitco.com/opinion/2026-08-17/copper-hits-record-speculative-net-long-extreme-available-cot-history-gold-shows><strong>Kitco</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Copper’s speculative positioning has reached the most extreme net-long level in the available COT history, while gold has registered a notable bearish weekly shift in commercial positioning. The two ...</p>\n\n<a href=\"https://www.kitco.com/opinion/2026-08-17/copper-hits-record-speculative-net-long-extreme-available-cot-history-gold-shows\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"USG","symbol_name":"USCF Gold Strategy Plus Income Fund","start_time":0,"source_url":"https://www.kitco.com/opinion/2026-08-17/copper-hits-record-speculative-net-long-extreme-available-cot-history-gold-shows","article_id":"2660434136","we_media_id":null,"thumbnails":[],"rights":{"source":"kitco_highlight","url":"https://www.kitco.com/opinion/2026-08-17/copper-hits-record-speculative-net-long-extreme-available-cot-history-gold-shows","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2660434136","pubTimestamp":1786963320,"columns":[],"sourceInfo":{"source_id":"kitco_highlight","name":"Kitco"},"weMediaInfo":null,"summary":"Copper’s speculative positioning has reached the most extreme net-long level in the available COT history, while gold has registered a notable bearish weekly shift in commercial positioning. The two s","collect":0,"end_time":0,"defaultTopTitle":"kitco.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"USG":"USCF Gold Strategy Plus Income Fund","GDXY":"YieldMax Gold Miners Option Income Strategy ETF","BAR":"GraniteShares Gold Shares","GLD":"黄金ETF-SPDR","UYM":"基础材料指数ETF-ProShares两倍做多","DBC":"商品指数ETF-PowerShares DB","KGLD":"Kurv Gold Enhanced Income ETF","DBB":"基础金属ETF-PowerShares","UGL":"2倍做多黄金ETF-ProShares","PHYS":"Sprott Physical Gold Trust","FGDL":"FRANKLIN RESPONSIBLY SOURCED GOLD ETF","XME":"金属与采矿指数ETF-SPDR","SHNY":"MICROSECTORS GOLD 3X LEVERAGED ETN","DZZ":"德银黄金两倍做空ETN","GLDM":"SPDR Gold MiniShares Trust","BGLD":"FT Vest Gold Strategy Quarterly Buffer ETF","JNUG":"金矿指数二倍做多ETF","DUST":"二倍做空黄金矿业指数ETF-Direxion","GOLY":"Strategy Shares Gold Enhanced Yield ETF","SGDM":"Sprott Gold Miners ETF","GLTR":"abrdn Physical Precious Metals Basket Shares ETF","JDST":"金矿指数二倍做空ETF","IAUM":"ISHARES GOLD TRUST MICRO","GLDY":"Defiance Gold Enhanced Options Income ETF","CEF":"Sprott Physical Gold & Silver Trust","DGZ":"做空黄金ETN(德银)","GDX":"黄金矿业ETF-VanEck","DULL":"MICROSECTORS GOLD -3X INVERSE LEVERAGED ETN","AAAU":"Goldman Sachs Physical Gold ETF","RING":"iShares MSCI Global Gold Miners ETF","GDXD":"MicroSectors Gold Miners -3x Inverse Leveraged ETN","IAU":"黄金信托ETF-iShares","GOAU":"U.S. Global GO GOLD and Precious Metal Miners ETF","OUNZ":"VanEck Merk黄金股票基金","PICK":"iShares MSCI Global Metals & Mining Producers ETF","GDXJ":"小型黄金矿业ETF(Market Vectors)","GBUG":"Sprott Active Gold & Silver Miners ETF","SETM":"Sprott Critical Materials ETF","02840":"SPDR金","IGLD":"FT Vest Gold Strategy Target Income ETF®","GDXU":"MicroSectors Gold Miners 3x Leveraged ETN","SGOL":"Abrdn Gold ETF Trust","BTGD":"STKD Bitcoin & Gold ETF","IAUI":"NEOS Gold High Income ETF","BEGS":"RAREVIEW 2X BULL CRYPTOCURRENCY & PRECIOUS METALS ETF","COPX":"铜矿ETF-Global X","DGP":"二倍做多黄金ETN(PowerShares)","PPI":"AXS Astoria Real Assets ETF","GLL":"2倍做空黄金ETF-ProShares"},"translate_title":"随着黄金显示出看跌的每周 COT 转变，铜价在可用 COT 历史上创下投机性净多头极端水平","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SGDM":1.5,"DGZ":0.6,"SGOL":1.5,"UGL":1.5,"GLDY":0.6,"IGLD":0.6,"DBB":1.5,"DZZ":1.5,"BTGD":1.5,"DBC":1.5,"GLL":1.5,"02840":1.5,"GLDM":1.5,"BEGS":1.5,"UYM":1.5,"IAU":1.5,"DULL":1.5,"USG":1.5,"AAAU":1.5,"GDXY":1.5,"IAUM":1.5,"SHNY":1.5,"1OZmain":1.5,"COPX":1.5,"IAUI":1.5,"PICK":1.5,"JNUG":1.5,"GBUG":1.5,"GLTR":1.5,"SETM":1.5,"PHYS":1.5,"GOAU":1.5,"KGLD":0.6,"GDXJ":1.5,"CEF":1.5,"DUST":1.5,"FGDL":1.5,"BAR":1.5,"GOLY":1.5,"XME":1.5,"PPI":1.5,"OUNZ":1.5,"GDX":1.5,"GDXU":1.5,"GLD":0.6,"RING":1.5,"BGLD":0.6,"JDST":1.5,"GDXD":1.5,"DGP":1.5},"content_text":"Copper’s speculative positioning has reached the most extreme net-long level in the available COT history, while gold has registered a notable bearish weekly shift in commercial positioning. The two signals point to different risks and should not be read as the same type of warning.The latest Commitments of Traders data puts two metals in focus for different reasons. Copper is at a historical position-level extreme among Large Speculators. Gold, by contrast, has produced a larger-than-average weekly change in commercial net positioning after recent strength.That distinction matters. An extreme in the level of positioning and a sharp one-week change are not interchangeable signals, and neither provides an automatic reversal call or a precise timing signal.Copper reaches a record speculative net-long extreme in available COT historyLarge Speculators in copper are now at the most extreme net-long level in the available COT history, making copper the clearest positioning story of the week.Historical positioning extremes can provide useful context, but they do not establish that a particular price sequence must follow, nor do they turn the current extreme into a timing tool.A record extreme in the available COT history can persist while a market continues in the same direction. What it does show is that speculative positioning is already unusually extended. In my view, that is a reason to treat the current setup with more caution than a routine bullish reading would suggest.For investors or traders who are already long copper, the signal is a prompt to reassess exposure and positioning risk. It is not, by itself, a call to reverse direction or initiate a short position.Gold’s signal is a weekly change, not a historical position extremeGold presents a different COT message. Commercial positioning registered a sizeable bearish weekly shift following recent strength.The key point is the pace and direction of the weekly shift. Unlike copper, the gold observation is not a record position-level extreme in the available COT history. It is a weekly COT change signal, so it should be interpreted on its own terms.I read the gold change as a sign that some short-term cooling may be possible. I do not read it as evidence of a major bearish reversal. The signal warrants attention, but the COT data alone does not justify a broader claim.Two metals, two different positioning warningsCopper carries the stronger historical positioning message because Large Speculators have reached the most extreme net-long level in the available COT history. Gold carries a more immediate caution signal because commercial positioning registered a sizeable bearish weekly shift.Taken together, the readings argue for selectivity rather than a single bearish conclusion across metals. Copper’s extreme raises the question of how much risk is already embedded in long exposure. Gold’s weekly change points instead to the possibility of a pause or cooling period after recent strength.Neither signal guarantees what happens next. The practical value of the COT data here is to identify where positioning has become unusually stretched or has changed unusually quickly, then adjust risk decisions to that evidence.Watch the full weekly COT analysisI discuss the copper and gold signals in this week’s COTbase video: https://www.youtube.com/watch?v=z1EWOgcxoDY","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2660434136","isCrawlerRequest":true}