Copper prices reach record highs amid extreme market positioning

Copper markets have reached significant milestones, with COMEX futures hitting a new record high of $6.8795 per pound in August 2026. While LME forwards have approached record levels, they remained slightly below their January 2026 peak of $14,527.50 per metric ton.

Market positioning has reached an all-time extreme according to Commitments of Traders (COT) data. Both Commercials and Large Speculators are currently at their most extreme net positions in the available combined futures-and-options history dating back to 1995. While such extreme positioning is conventionally viewed as a bearish signal, historical precedents like the 2003 rally suggest that price action can continue higher even during periods of extreme market stress.