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🥇 Metals Futures Positioning

CFTC weekly report · Report Date: 2026-05-12

₿ 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: 171,622 (+8,319) · Comm: -210,258
3Y Percentile 31%
Latest Week
Speculator Net
171,622
Commercial Net
-210,258
Small Trader Net
38,636
Long/Short Ratio
4.56
Open Interest
376,496
Total Traders
278

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: 26,111 (+2,219) · Comm: -43,646
3Y Percentile 29%
Latest Week
Speculator Net
26,111
Commercial Net
-43,646
Small Trader Net
17,535
Long/Short Ratio
3.5
Open Interest
103,800
Total Traders
167

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. Open interest surging — unusual volume.
Spec: 76,309 (+13,460) · Comm: -87,143
3Y Percentile 100%
Latest Week
Speculator Net
76,309
Commercial Net
-87,143
Small Trader Net
10,834
Long/Short Ratio
3.35
Open Interest
259,808
Total Traders
308

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: 20,712 (+2,927) · Comm: -25,518
3Y Percentile 78%
Latest Week
Speculator Net
20,712
Commercial Net
-25,518
Small Trader Net
4,806
Long/Short Ratio
3.74
Open Interest
63,375
Total Traders
212

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: -1,915 (-439) · Comm: 686
3Y Percentile 81%
Latest Week
Speculator Net
-1,915
Commercial Net
686
Small Trader Net
1,229
Long/Short Ratio
0.77
Open Interest
17,419
Total Traders
145

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: 11,456 (+239) · Comm: -11,824
3Y Percentile 93%
Latest Week
Speculator Net
11,456
Commercial Net
-11,824
Small Trader Net
368
Long/Short Ratio
8.5
Open Interest
39,794
Total Traders
65

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: 275 (-82) · Comm: 140
3Y Percentile 21%
Latest Week
Speculator Net
275
Commercial Net
140
Small Trader Net
-415
Long/Short Ratio
1.08
Open Interest
27,722
Total Traders
49

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: -8,243 (-110) · Comm: 8,159
3Y Percentile 71%
Latest Week
Speculator Net
-8,243
Commercial Net
8,159
Small Trader Net
84
Long/Short Ratio
0.22
Open Interest
16,449
Total Traders
40
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