🥇 Metals Futures Positioning
CFTC weekly report · Report Date: 2026-10-20
Gold Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Gold while speculators exit — smart money positioning bullish.
Spec:
199,865
(-8,014)
·
Comm:
-235,582
3Y Percentile
34%
Latest Week
Speculator Net
199,865
Commercial Net
-235,582
Small Trader Net
35,717
Long/Short Ratio
6.36
Open Interest
402,279
Total Traders
288
Silver Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Silver while speculators exit — smart money positioning bullish.
Spec:
19,795
(-2,836)
·
Comm:
-37,176
3Y Percentile
3%
Latest Week
Speculator Net
19,795
Commercial Net
-37,176
Small Trader Net
17,381
Long/Short Ratio
2.34
Open Interest
113,992
Total Traders
163
Copper Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Copper while speculators exit — smart money positioning bullish.
Spec:
57,397
(-11,123)
·
Comm:
-64,296
3Y Percentile
73%
Latest Week
Speculator Net
57,397
Commercial Net
-64,296
Small Trader Net
6,899
Long/Short Ratio
2.4
Open Interest
327,119
Total Traders
282
Platinum Futures
BULLISH2-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:
13,162
(+189)
·
Comm:
-15,694
3Y Percentile
26%
Latest Week
Speculator Net
13,162
Commercial Net
-15,694
Small Trader Net
2,532
Long/Short Ratio
1.94
Open Interest
70,511
Total Traders
221
Palladium Futures
BULLISH2-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:
-9,133
(-1,055)
·
Comm:
8,123
3Y Percentile
31%
Latest Week
Speculator Net
-9,133
Commercial Net
8,123
Small Trader Net
1,010
Long/Short Ratio
0.51
Open Interest
24,916
Total Traders
200
Steel HRC Futures
BULLISH2-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:
7,452
(-1,402)
·
Comm:
-7,718
3Y Percentile
71%
Latest Week
Speculator Net
7,452
Commercial Net
-7,718
Small Trader Net
266
Long/Short Ratio
2.58
Open Interest
41,342
Total Traders
72
Aluminum MW Premium Futures
BULLISH2-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:
-1,032
(+40)
·
Comm:
1,155
3Y Percentile
14%
Latest Week
Speculator Net
-1,032
Commercial Net
1,155
Small Trader Net
-123
Long/Short Ratio
0.76
Open Interest
29,911
Total Traders
58
Lithium Hydroxide Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Lithium Hydroxide while speculators exit — smart money positioning bullish.
Spec:
-6,389
(-636)
·
Comm:
6,644
3Y Percentile
81%
Latest Week
Speculator Net
-6,389
Commercial Net
6,644
Small Trader Net
-255
Long/Short Ratio
0.38
Open Interest
22,960
Total Traders
43
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.