Investors pile into copper longs as CME net length hits 77,131 contracts in early June

Investors have been aggressively building bullish copper positions, with net longs in CME copper futures reaching 77,131 contracts in early June, the highest since early 2021. Net length has eased but remains elevated at 71,127 contracts, while short positioning has stayed at historically low levels. On the LME, options positioning is strongly tilted to calls, with nearly 112,000 December call contracts outstanding versus about 52,000 puts, and bets clustered around $15,500–$17,000 per ton and as high as $25,000 per ton. The prospect of U.S. import tariffs alongside the energy transition and AI themes has pushed investors to anchor copper pricing to long-term structural expectations rather than near-term supply and demand.