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🥇 Metals Futures Positioning

CFTC weekly report · Report Date: 2026-03-17

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Gold Futures

WASHOUT

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

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Flow Signal WASHOUT
Washout in Gold — both sides reducing exposure, potential bottoming.
Spec: 159,869 (-3,263) · Comm: -198,648
3Y Percentile 12%
Latest Week
Speculator Net
159,869
Commercial Net
-198,648
Small Trader Net
38,779
Long/Short Ratio
3.85
Open Interest
411,388
Total Traders
301

Silver Futures

BULLISH

2-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: 21,881 (-2,697) · Comm: -38,358
3Y Percentile 16%
Latest Week
Speculator Net
21,881
Commercial Net
-38,358
Small Trader Net
16,477
Long/Short Ratio
3.37
Open Interest
114,758
Total Traders
153

Copper Futures

BULLISH

2-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: 48,044 (-3,622) · Comm: -59,434
3Y Percentile 81%
Latest Week
Speculator Net
48,044
Commercial Net
-59,434
Small Trader Net
11,390
Long/Short Ratio
2.58
Open Interest
231,319
Total Traders
279

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: 16,898 (+2,208) · Comm: -22,917
3Y Percentile 57%
Latest Week
Speculator Net
16,898
Commercial Net
-22,917
Small Trader Net
6,019
Long/Short Ratio
2.27
Open Interest
67,292
Total Traders
235

Palladium Futures

SQUEEZE

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

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Flow Signal SQUEEZE
Long squeeze risk in Palladium — specs unwinding from 3-year extreme. Commercials accumulating Palladium while speculators exit — smart money positioning bullish.
Spec: -185 (-29) · Comm: -1,383
3Y Percentile 92%
Latest Week
Speculator Net
-185
Commercial Net
-1,383
Small Trader Net
1,568
Long/Short Ratio
0.98
Open Interest
15,556
Total Traders
137

Steel HRC Futures

BEARISH

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

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Flow Signal BEARISH
Distribution phase — commercials selling Steel HRC into speculator demand.
Spec: 13,867 (+974) · Comm: -14,314
3Y Percentile 100%
Latest Week
Speculator Net
13,867
Commercial Net
-14,314
Small Trader Net
447
Long/Short Ratio
13.02
Open Interest
40,488
Total Traders
65

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: -652 (+918) · Comm: 861
3Y Percentile 13%
Latest Week
Speculator Net
-652
Commercial Net
861
Small Trader Net
-209
Long/Short Ratio
0.83
Open Interest
27,622
Total Traders
50

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: -8,069 (-111) · Comm: 7,925
3Y Percentile 75%
Latest Week
Speculator Net
-8,069
Commercial Net
7,925
Small Trader Net
144
Long/Short Ratio
0.18
Open Interest
18,563
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