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🥇 Metals Futures Positioning

CFTC weekly report · Report Date: 2026-09-01

₿ 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: 228,124 (-15,210) · Comm: -264,718
3Y Percentile 61%
Latest Week
Speculator Net
228,124
Commercial Net
-264,718
Small Trader Net
36,594
Long/Short Ratio
8.05
Open Interest
415,196
Total Traders
305

Silver Futures

BEARISH

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

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Flow Signal BEARISH
Distribution phase — commercials selling Silver into speculator demand.
Spec: 26,739 (+1,478) · Comm: -45,280
3Y Percentile 31%
Latest Week
Speculator Net
26,739
Commercial Net
-45,280
Small Trader Net
18,541
Long/Short Ratio
4.09
Open Interest
104,362
Total Traders
151

Copper Futures

SQUEEZE

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

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Flow Signal SQUEEZE
Long squeeze risk in Copper — specs unwinding from 3-year extreme. Distribution phase — commercials selling Copper into speculator demand.
Spec: 80,869 (-4,397) · Comm: -92,107
3Y Percentile 99%
Latest Week
Speculator Net
80,869
Commercial Net
-92,107
Small Trader Net
11,238
Long/Short Ratio
3.08
Open Interest
282,640
Total Traders
282

Platinum Futures

BEARISH

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

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Flow Signal BEARISH
Distribution phase — commercials selling Platinum into speculator demand.
Spec: 15,000 (-386) · Comm: -19,305
3Y Percentile 43%
Latest Week
Speculator Net
15,000
Commercial Net
-19,305
Small Trader Net
4,305
Long/Short Ratio
2.4
Open Interest
68,059
Total Traders
213

Palladium Futures

BEARISH

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

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Flow Signal BEARISH
Distribution phase — commercials selling Palladium into speculator demand.
Spec: -4,305 (+519) · Comm: 3,313
3Y Percentile 66%
Latest Week
Speculator Net
-4,305
Commercial Net
3,313
Small Trader Net
992
Long/Short Ratio
0.59
Open Interest
16,497
Total Traders
154

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. Open interest collapsing — unusual volume.
Spec: 8,065 (-360) · Comm: -8,462
3Y Percentile 77%
Latest Week
Speculator Net
8,065
Commercial Net
-8,462
Small Trader Net
397
Long/Short Ratio
4.33
Open Interest
38,827
Total Traders
64

Aluminum MW Premium Futures

BEARISH

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

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Flow Signal BEARISH
Distribution phase — commercials selling Aluminum MW Premium into speculator demand.
Spec: -208 (-226) · Comm: 322
3Y Percentile 20%
Latest Week
Speculator Net
-208
Commercial Net
322
Small Trader Net
-114
Long/Short Ratio
0.93
Open Interest
31,487
Total Traders
58

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: -5,951 (-9) · Comm: 6,147
3Y Percentile 84%
Latest Week
Speculator Net
-5,951
Commercial Net
6,147
Small Trader Net
-196
Long/Short Ratio
0.36
Open Interest
18,774
Total Traders
39
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