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🥇 Metals Futures Positioning

CFTC weekly report · Report Date: 2026-07-21

₿ Crypto ⛽ Energy 🥇 Metals 🌾 Agriculture 🐄 Livestock 💱 Currencies 🏦 Rates 📈 Indices

Gold Futures

BEARISH

2-year weekly history · Speculator, commercial, and small trader positioning

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Flow Signal BEARISH
Distribution phase — commercials selling Gold into speculator demand.
Spec: 183,910 (-2,772) · Comm: -213,199
3Y Percentile 34%
Latest Week
Speculator Net
183,910
Commercial Net
-213,199
Small Trader Net
29,289
Long/Short Ratio
5.5
Open Interest
383,368
Total Traders
264

Silver Futures

WASHOUT

2-year weekly history · Speculator, commercial, and small trader positioning

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Flow Signal WASHOUT
Washout in Silver — both sides reducing exposure, potential bottoming.
Spec: 23,465 (-1,609) · Comm: -40,453
3Y Percentile 16%
Latest Week
Speculator Net
23,465
Commercial Net
-40,453
Small Trader Net
16,988
Long/Short Ratio
2.77
Open Interest
106,410
Total Traders
158

Copper Futures

BEARISH

2-year weekly history · Speculator, commercial, and small trader positioning

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Flow Signal BEARISH
Distribution phase — commercials selling Copper into speculator demand.
Spec: 73,977 (+9,592) · Comm: -82,112
3Y Percentile 97%
Latest Week
Speculator Net
73,977
Commercial Net
-82,112
Small Trader Net
8,135
Long/Short Ratio
3.17
Open Interest
270,048
Total Traders
287

Platinum Futures

BULLISH

2-year weekly history · Speculator, commercial, and small trader positioning

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Flow Signal BULLISH
Commercials accumulating Platinum while speculators exit — smart money positioning bullish.
Spec: 12,484 (-1,264) · Comm: -16,779
3Y Percentile 29%
Latest Week
Speculator Net
12,484
Commercial Net
-16,779
Small Trader Net
4,295
Long/Short Ratio
2.34
Open Interest
53,721
Total Traders
184

Palladium Futures

BULLISH

2-year weekly history · Speculator, commercial, and small trader positioning

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Flow Signal BULLISH
Commercials accumulating Palladium while speculators exit — smart money positioning bullish.
Spec: -5,003 (-114) · Comm: 4,701
3Y Percentile 63%
Latest Week
Speculator Net
-5,003
Commercial Net
4,701
Small Trader Net
302
Long/Short Ratio
0.57
Open Interest
18,440
Total Traders
150

Steel HRC Futures

BULLISH

2-year weekly history · Speculator, commercial, and small trader positioning

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Flow Signal BULLISH
Commercials accumulating Steel HRC while speculators exit — smart money positioning bullish.
Spec: 9,053 (+664) · Comm: -9,252
3Y Percentile 83%
Latest Week
Speculator Net
9,053
Commercial Net
-9,252
Small Trader Net
199
Long/Short Ratio
4.05
Open Interest
41,544
Total Traders
70

Aluminum MW Premium Futures

BULLISH

2-year weekly history · Speculator, commercial, and small trader positioning

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Flow Signal BULLISH
Commercials accumulating Aluminum MW Premium while speculators exit — smart money positioning bullish.
Spec: -622 (+120) · Comm: 794
3Y Percentile 16%
Latest Week
Speculator Net
-622
Commercial Net
794
Small Trader Net
-172
Long/Short Ratio
0.83
Open Interest
29,789
Total Traders
53

Lithium Hydroxide Futures

BEARISH

2-year weekly history · Speculator, commercial, and small trader positioning

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Flow Signal BEARISH
Distribution phase — commercials selling Lithium Hydroxide into speculator demand.
Spec: -5,902 (-296) · Comm: 6,052
3Y Percentile 82%
Latest Week
Speculator Net
-5,902
Commercial Net
6,052
Small Trader Net
-150
Long/Short Ratio
0.29
Open Interest
16,200
Total Traders
35
How to Read COT Data
Speculators (Non-Commercial)
Hedge funds, CTAs, and momentum traders. They follow trends and amplify moves. When their positioning reaches extremes, it often signals the trend is crowded and vulnerable to reversal.
Commercials (Hedgers)
Producers, refiners, and consumers who use futures to hedge their business. They tend to be contrarian — selling into rallies and buying dips. At extremes, they're historically on the right side.
The Percentile Bar
Shows where current speculator positioning ranks vs. the past 3 years. Above 80% = historically bullish, below 20% = historically bearish. Extremes (top/bottom 10%) are the highest-signal readings.
What To Watch For
The best signals come from extreme positioning + divergence: when speculators are max long but commercials are max short, it often precedes a reversal. The weekly change shows who's adding or liquidating.

Source: U.S. Commodity Futures Trading Commission (CFTC) Commitments of Traders reports. Data is published weekly with a 3-day lag.

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms