Currencies
| Market | Net contracts | % of OI | COT index, 52w | 3-year | Read | Weekly change |
|---|---|---|---|---|---|---|
| Euro Leveraged funds | −68,001 | −7.8% | 0 | 0 | Crowded short | −23,740 |
| Japanese yen Leveraged funds | −33,673 | −9.0% | 59 | 53 | Neutral | −8,630 |
| British pound Leveraged funds | +10,313 | +3.8% | 24 | 24 | Neutral | −2,119 |
| Swiss franc Leveraged funds | −14,941 | −10.9% | 7 | 29 | Crowded short | −3,591 |
| Canadian dollar Leveraged funds | −88,112 | −23.3% | 20 | 17 | Neutral | −8,487 |
| Australian dollar Leveraged funds | +50,591 | +14.9% | 78 | 83 | Neutral | −3,542 |
| New Zealand dollar Leveraged funds | −11,619 | −9.3% | 55 | 42 | Neutral | −10,832 |
| Mexican peso Leveraged funds | +63,564 | +22.8% | 56 | 75 | Neutral | −11,363 |
US Treasuries
| Market | Net contracts | % of OI | COT index, 52w | 3-year | Read | Weekly change |
|---|---|---|---|---|---|---|
| US 2-year note Leveraged funds | −1,367,408 | −30.0% | 82 | 87 | Neutral | −109,924 |
| US 5-year note Leveraged funds | −2,104,391 | −30.6% | 84 | 81 | Neutral | +23,176 |
| US 10-year note Leveraged funds | −2,205,937 | −37.9% | 33 | 22 | Neutral | −66,152 |
| US Treasury bond Leveraged funds | −154,020 | −8.3% | 100 | 100 | Crowded long | +35,658 |
Equity indices and volatility
| Market | Net contracts | % of OI | COT index, 52w | 3-year | Read | Weekly change |
|---|---|---|---|---|---|---|
| S&P 500 (E-mini) Leveraged funds | −408,726 | −21.2% | 38 | 33 | Neutral | +6,361 |
| Nasdaq-100 (E-mini) Leveraged funds | −11,593 | −4.1% | 73 | 73 | Neutral | +7,619 |
| Russell 2000 (E-mini) Leveraged funds | −91,647 | −20.6% | 22 | 19 | Neutral | +13,670 |
| VIX futures Leveraged funds | +1,105 | +0.2% | 91 | 92 | Crowded long | −4,389 |
Energy
| Market | Net contracts | % of OI | COT index, 52w | 3-year | Read | Weekly change |
|---|---|---|---|---|---|---|
| WTI crude oil Managed money | +40,574 | +2.1% | 53 | 27 | Neutral | −13,024 |
| Natural gas Managed money | −126,481 | −7.3% | 12 | 13 | Neutral | +18,056 |
Metals
| Market | Net contracts | % of OI | COT index, 52w | 3-year | Read | Weekly change |
|---|---|---|---|---|---|---|
| Gold Managed money | +107,089 | +27.0% | 32 | 39 | Neutral | −3,898 |
| Silver Managed money | +5,619 | +5.2% | 5 | 25 | Crowded short | −1,909 |
| Copper Managed money | +61,058 | +19.5% | 55 | 83 | Neutral | −76 |
| Platinum Managed money | +7,043 | +10.4% | 38 | 55 | Neutral | −1,432 |
| Palladium Managed money | −10,699 | −46.2% | 0 | 32 | Crowded short | −1,314 |
Agriculture
| Market | Net contracts | % of OI | COT index, 52w | 3-year | Read | Weekly change |
|---|---|---|---|---|---|---|
| Corn Managed money | +246,425 | +13.4% | 71 | 78 | Neutral | −83,414 |
| Soybeans Managed money | +249,807 | +23.3% | 94 | 97 | Crowded long | −8,259 |
| Wheat (SRW) Managed money | −32,555 | −6.4% | 63 | 66 | Neutral | −3,725 |
| Sugar No. 11 Managed money | +259,549 | +22.0% | 100 | 100 | Crowded long | +7,035 |
| Coffee Managed money | +15,270 | +9.3% | 9 | 11 | Crowded short | −3,766 |
Crypto
| Market | Net contracts | % of OI | COT index, 52w | 3-year | Read | Weekly change |
|---|---|---|---|---|---|---|
| Bitcoin (CME) Leveraged funds | −5,844 | −28.2% | 96 | 97 | Crowded long | +1,008 |
Source: U.S. Commodity Futures Trading Commission, Commitments of Traders, futures-only reports (Disaggregated for commodities, Traders in Financial Futures for financial contracts) · source. Positions as of Tuesday, published the following Friday.
About the COT report
What is the Commitments of Traders report?
A weekly breakdown, by the US Commodity Futures Trading Commission, of open positions in every large US futures market by type of trader: producers and hedgers, swap dealers, asset managers, and speculators such as hedge funds and commodity trading advisers.
What is the COT index?
The speculators’ net position (longs minus shorts) rescaled from 0 to 100 within its own range over the last 52 weeks: 100 is the most net-long they have been in a year, 0 the most net-short. Readings of 90 or more, or 10 or less, mark crowded positioning, when there are few speculators left to join the trade. The 3-year column applies the same scaling over 156 weeks.
How to read it
Positioning is a sentiment gauge, not a timing signal. Crowded markets can stay crowded, and a large position says nothing about price direction on its own; it says how much fuel is left if the consensus turns.