Key COT Extremes & Narrative Takeaways
Highlights the six highest and two lowest Commercial COT Index readings, with Large Speculator positioning, weekly positioning changes, and price performance providing context for each extreme
Euro FX — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −143,894 contracts, with speculative net positioning shifted lower by 9,370 contracts. Price declined 0.41%.
Natural Gas — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −255,164 contracts, with speculative net positioning shifted lower by 13,892 contracts. Price declined 5.38%.
Silver — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net long at +19,703 contracts, with speculative net positioning shifted lower by 92 contracts. Price declined 8.94%.
Platinum — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net long at +9,294 contracts, with speculative net positioning shifted lower by 3,868 contracts. Price declined 7.80%.
Palladium — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −9,841 contracts, with speculative net positioning shifted lower by 708 contracts. Price declined 6.31%.
Copper — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net long at +48,317 contracts, with speculative net positioning shifted lower by 9,080 contracts. Price increased 0.18%.
Swiss Franc — 12%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net short at −20,049 contracts, with speculative net positioning shifted lower by 1,899 contracts. Price declined 0.07%.
Japanese Yen — 7%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +101,591 contracts, with speculative net positioning improved by 31,713 contracts. Price declined 0.53%.
Market Positioning
|
ASSET |
PRICE CHG |
SPEC. NET |
SPEC. NET CHG |
COMM. NET |
COMM. NET CHG |
SMALL NET |
OPEN INTEREST |
OI CHG |
COT INDEX |
POSITIONING |
|
Dollar Index |
+0.23% |
+14,121 |
-923 |
-16,088 |
+926 |
+1,967 |
48,263 |
-2% |
37% |
Bullish (Net Long) – Weakening |
|
Euro FX |
-0.41% |
-143,894 |
-9,370 |
+114,484 |
+9,589 |
+29,410 |
868,188 |
-1% |
100% |
Bearish (Net Short) – Weakening |
|
Swiss Franc |
-0.07% |
-20,049 |
-1,899 |
+33,633 |
-384 |
-13,584 |
135,489 |
-1% |
12% |
Bearish (Net Short) – Weakening |
|
British Pound |
+0.12% |
-79,414 |
+1,006 |
+89,898 |
-5,610 |
-10,484 |
253,937 |
+0% |
60% |
Bearish (Net Short) – Improving |
|
Japanese Yen |
-0.53% |
+101,591 |
+31,713 |
-105,090 |
-34,003 |
+3,499 |
374,026 |
-1% |
7% |
Bullish (Net Long) – Improving |
|
Canadian Dollar |
+0.20% |
-66,424 |
+8,285 |
+74,260 |
-12,588 |
-7,836 |
360,941 |
-6% |
35% |
Bearish (Net Short) – Improving |
|
Australian Dollar |
-0.03% |
-128,315 |
-1,023 |
+111,235 |
-3,690 |
+17,080 |
325,008 |
-2% |
98% |
Bearish (Net Short) – Weakening |
|
New Zealand Dollar |
-1.17% |
-57,690 |
+459 |
+59,546 |
-876 |
-1,856 |
129,053 |
-2% |
88% |
Bearish (Net Short) – Improving |
|
Mexican Peso |
-0.60% |
+20,843 |
+3,820 |
-21,166 |
-3,340 |
+323 |
279,359 |
+0% |
90% |
Bullish (Net Long) – Improving |
|
Crude Oil (WTI) |
-0.47% |
+74,343 |
-14,982 |
-102,968 |
+13,190 |
+28,625 |
1,886,280 |
+3% |
85% |
Bullish (Net Long) – Weakening |
|
Gasoline |
-0.42% |
+71,465 |
+1,876 |
-83,695 |
-2,651 |
+12,230 |
334,170 |
-1% |
20% |
Bullish (Net Long) – Improving |
|
Heating Oil |
-3.10% |
+9,671 |
-3,357 |
-23,124 |
+7,273 |
+13,453 |
251,837 |
-6% |
86% |
Bullish (Net Long) – Weakening |
|
Natural Gas |
-5.38% |
-255,164 |
-13,892 |
+236,438 |
+13,469 |
+18,726 |
1,681,043 |
-2% |
100% |
Bearish (Net Short) – Weakening |
|
Gold |
-3.12% |
+186,451 |
-13,414 |
-215,624 |
+19,958 |
+29,173 |
396,810 |
-1% |
68% |
Bullish (Net Long) – Weakening |
|
Silver |
-8.94% |
+19,703 |
-92 |
-35,687 |
+1,489 |
+15,984 |
116,226 |
+2% |
100% |
Bullish (Net Long) – Weakening |
|
Platinum |
-7.80% |
+9,294 |
-3,868 |
-11,882 |
+3,812 |
+2,588 |
83,229 |
+18% |
100% |
Bullish (Net Long) – Weakening |
|
Palladium |
-6.31% |
-9,841 |
-708 |
+8,856 |
+733 |
+985 |
27,075 |
+9% |
100% |
Bearish (Net Short) – Weakening |
|
Copper |
+0.18% |
+48,317 |
-9,080 |
-53,254 |
+11,042 |
+4,937 |
337,019 |
+3% |
100% |
Bullish (Net Long) – Weakening |
Column Guide
|
Asset Futures contract or market being reported. |
Price Chg Weekly percentage change in the corresponding futures price, as reported by InsiderWeek. |
|
Spec. Net Large Speculators / Non-Commercial net position: Long minus Short. Positive = net long; negative = net short. |
Spec. Net Chg Weekly change in the Large Speculator net position. Positive = more net long / less net short. |
|
Comm. Net Commercial net position: Commercial Long minus Commercial Short. |
Comm. Net Chg Weekly change in the Commercial net position. |
|
Small Net Non-Reportable / Small Trader net position: Long minus Short. Positive = net long; negative = net short. |
Open Interest Total outstanding futures contracts at the reporting date. Contract specifications vary by market. |
|
OI Chg Weekly percentage change in Open Interest. |
COT Index Report-calculated Commercial net position relative to its 26-week historical range: 0% = low; 100% = high. This is not an official CFTC field. |
|
Positioning Current Large Speculator exposure is classified as Bullish (Net Long) or Bearish (Net Short). Improving/Weakening is determined by the weekly change in Spec. Net: a positive change indicates improving speculative exposure, while a negative change indicates weakening speculative exposure. |
Source / Report Type InsiderWeek COT report, based on CFTC Legacy Futures Only data. CFTC positions are as of Tuesday’s close and are released later in the week. |
Source & Methodology: COT positioning data are accessed through InsiderWeek, which presents data from the U.S. Commodity Futures Trading Commission (CFTC) Legacy Futures Only report. Data in this report are as of Tuesday, 27 October 2026. Spec. Net, Comm. Net and Small Net are calculated as Long minus Short. The COT Index is calculated from Commercial net positioning within the 26-week high/low range reported by InsiderWeek. Price Chg is the weekly percentage change reported by InsiderWeek.
Disclaimer: COT data reflects futures-market positions as of the reporting date and is released with a time lag. This report is market analysis only and does not constitute investment advice, a trading recommendation, or a guarantee of future price direction.
