Copper speculation stays hot as CME net longs hit 77,131 contracts in early June

Copper has pulled back from its January high, but speculative positioning is still building. Net long positions in CME copper futures reached 77,131 contracts in early June, the highest since 2021. On the LME, bullish options bets are concentrated at $15,500–$17,000 per ton, representing exposure of more than 850,000 tons of copper. Potential U.S. tariffs on refined copper have lifted the CME premium, while retail activity in micro contracts is up 83% year on year and event options posted record volumes.