COMEX gold net longs hit 18-week high at 111,341 contracts

Speculators boosted COMEX gold net longs to 111,341 contracts in the week ended June 2, the highest in 18 weeks, CFTC data show. The increase of 14,410 contracts extended a multi-week accumulation trend as institutional investors added to bullish gold exposure, pushing net positioning to its most elevated level since late January. The build was driven by a combination of new long positions and short covering, according to the data.

Copper net longs climbed to 77,131 contracts, the most in more than five years, according to the Commodity Futures Trading Commission's weekly Commitments of Traders report. The build in copper positioning reflects growing confidence in industrial demand and expectations of a global economic recovery, with the red metal widely viewed as a barometer of economic activity. The five-year high marks a significant shift from the more cautious positioning seen through much of 2025, when trade policy uncertainty weighed on industrial metals sentiment.

Among other precious metals, silver net longs fell to 10,433 contracts, a decline from the prior week that suggests some profit-taking after recent gains. Platinum net longs dropped to 11,974, the lowest in 10 weeks, while palladium net shorts narrowed to 3,476 contracts from the previous reporting period, indicating a modest reduction in bearish bets on the auto-catalyst metal.

The sustained build in gold positioning shows institutional conviction in the metal as a haven asset and inflation hedge, potentially supporting higher prices in the near term. However, elevated net longs in both gold and copper raise the risk of a sharp reversal if sentiment shifts. Copper's five-year high suggests traders are pricing in stronger demand from sectors such as construction and renewable energy, where the metal is a key input. The divergence between gold and copper — both at multi-period highs — reflects a market simultaneously hedging macro uncertainty and betting on industrial recovery. The next CFTC report, covering the week ending June 9, will show whether these trends continued.

This article is for informational purposes only and does not constitute investment advice.