Week 38, 2026
Copper leads buying as cotton and coffee sell off
Report date: Tue 22nd Sep 26
Released: Fri 25th Sep 26
Legacy Futures Only Report
Good Morning. This is your weekly COT Digest. Speculators stepped into copper in size this week with new longs and short covering. Cotton and coffee posted the main selling, though that was the smaller side of the tape.
Top Buyers This Week
Copper
This marks a flip from long liquidation and new shorts last week. New longs and short covering while net long, +9.67% of the book. Spot continued the buying from the report date close to the release close, +0.2%.
Soybeans
The book is a crowded long versus the prior 52 weeks. This marks a flip from long liquidation and new shorts last week. New longs and short covering while net long, +4.51% of the book. Spot did not continue the buying from the report date close to the release close; it moved the other way, -0.4%.
Crude Oil WTI
Short covering while net long, +0.86% of the book.
Natural Gas
Short covering while net short, +0.6% of the book.
| Commodity | Contracts | Long | Short | Net Long | 52w |
|---|---|---|---|---|---|
|
Copper
Spot +0.2% from the report date close (Tue 22 Sep) to the release close (Fri 25 Sep) |
4.21%
(168,274)
|
10.44%
|
-7.51%
|
9.67%
|
85th |
|
Soybeans
Spot -0.4% from the report date close (Tue 22 Sep) to the release close (Fri 25 Sep) |
0.86%
(459,469)
|
3.91%
|
-6.77%
|
4.51%
|
92nd |
|
Crude Oil WTI
Spot -2.0% from the report date close (Tue 22 Sep) to the release close (Fri 25 Sep) |
-5.83%
(580,514)
|
-2.8%
|
-6.63%
|
0.86%
|
67th |
|
Natural Gas
Spot +8.7% from the report date close (Tue 22 Sep) to the release close (Fri 25 Sep) |
0.94%
(829,254)
|
-0.38%
|
-1.18%
|
0.6%
|
44th |
Top Sellers This Week
Cotton
The book is a crowded long versus the prior 52 weeks. Long liquidation and new shorts while net long, -7.39% of the book. This is a second week of long liquidation and new shorts. Spot did not continue the selling from the report date close to the release close; it moved the other way, +3.5%.
Coffee
The book is still net long, but it sits as a crowded short versus the prior 52 weeks. Long liquidation and new shorts while net long, -7.16% of the book. This is a second week of long liquidation and new shorts. Spot did not continue the selling from the report date close to the release close; it moved the other way, +2.1%.
Wheat
Long liquidation and new shorts while net short, -3.4% of the book. Spot continued the selling from the report date close to the release close, -1.8%.
Sugar
Long liquidation and new shorts while net long, -3.16% of the book.
Brent Crude
Long liquidation and new shorts while net short, -2.77% of the book.
| Commodity | Contracts | Long | Short | Net Short | 52w |
|---|---|---|---|---|---|
|
Cotton
Spot +3.5% from the report date close (Tue 22 Sep) to the release close (Fri 25 Sep) |
1%
(173,568)
|
-8.68%
|
1.72%
|
-7.39%
|
92nd |
|
Coffee
Spot +2.1% from the report date close (Tue 22 Sep) to the release close (Fri 25 Sep) |
1.71%
(73,487)
|
-4.89%
|
10.65%
|
-7.16%
|
6th |
|
Wheat
Spot -1.8% from the report date close (Tue 22 Sep) to the release close (Fri 25 Sep) |
-0.38%
(247,614)
|
-5.29%
|
1.49%
|
-3.4%
|
87th |
|
Sugar
Spot +5.4% from the report date close (Tue 22 Sep) to the release close (Fri 25 Sep) |
-5.88%
(561,508)
|
-3.83%
|
1.87%
|
-3.16%
|
98th |
|
Brent Crude
Spot +5.4% from the report date close (Tue 22 Sep) to the release close (Fri 25 Sep) |
-3.53%
(125,229)
|
-7.54%
|
0.3%
|
-2.77%
|
<1st |
|
Gold
Spot -1.6% from the report date close (Tue 22 Sep) to the latest price when the report was released (Fri 25 Sep) |
0.71%
(282,111)
|
-1.58%
|
1.47%
|
-1.57%
|
98th |
|
Corn
Spot -1.5% from the report date close (Tue 22 Sep) to the release close (Fri 25 Sep) |
0.58%
(794,781)
|
-1.22%
|
-1.25%
|
-0.82%
|
98th |
Other Notable Moves
Gold saw long liquidation and new shorts while net long; spot continued the selling from the report date close (Tue 22 Sep) to the latest price when the report was released (Fri 25 Sep), -1.6%.
Corn saw long liquidation while net long; spot continued the selling from the report date close to the release close, -1.5%.
Quick Read
Copper posted the week's largest move with new longs and short covering while still net long.
Cotton and coffee both saw long liquidation and new shorts, with spot moving the other way in each case.
Wheat added to selling while net short and spot continued lower.
Disclaimer: COT data reflects positioning and sentiment, not trade timing or price predictions.
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