Config.
Marché
Rapport
Unité

COT High Grade Copper (Copper #1, COMEX)

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Industrial metals · COMEX

What is Copper #1 (COMEX High Grade copper)?

COMEX High Grade copper

A long means…

Exposure to a rise in deliverable COMEX Grade 1 copper cathode.

What is this?

COMEX copper is US-deliverable Grade 1 electrolytic cathode. Delivery is physical: full-plate or cut cathodes, ASTM B115, exchange-approved brand, out of a designated warehouse. A warrant certifies brand and grade. “Copper #1” is not second-choice metal: it is COMEX High Grade. The LME remains the world reference, quoted per tonne; this price is US metal.

After steel and aluminium, copper is the third-most used metal. In the United States, building construction takes 42% of demand; electrical and electronic products 23%; transport 18%. Mine supply is spread: Chile first, then the Congo and Peru. Miners and refiners hedge output or inventory; brass mills, rod mills and cable makers hedge the cost of buying it.

Pitfalls

  • Copper #1 = COMEX High Grade (HG), not a colloquial “#1 copper”.
  • Not LME copper (different exchange and unit).
  • Quoted in USD/lb, not USD/tonne.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.