Each week we rank speculative net positioning — Managed Money in commodities, Leveraged Funds in financials — against its own trailing three years. A high percentile means the bullish bet is crowded; a low one, the bearish bet. Positioning is a crowding and context gauge, not a timing signal.
| Instrument | Spec net | Pctile | State | 1w change |
|---|---|---|---|---|
| Gold | +144,747 | 65 | neutral | +3,099 |
| Silver | +14,073 | 35 | neutral | +2,378 |
| Copper | +76,271 | 99 | crowded long | -2,377 |
| WTI Crude | +84,020 | 34 | neutral | -3,459 |
| Natural Gas | -71,673 | 36 | neutral | +28,407 |
| Euro FX | -38,359 | 9 | crowded short | +19,357 |
| Japanese Yen | -77,042 | 19 | leaning short | -9,071 |
| E-mini S&P 500 | -315,204 | 63 | neutral | -33,802 |
| E-mini Nasdaq 100 | -41,232 | 38 | neutral | +20,539 |
| 10Y Treasury Note | -2,134,339 | 21 | leaning short | +94,674 |
| Bitcoin | -8,089 | 85 | leaning long | -650 |
| Ether | -8,385 | 34 | neutral | -3,990 |
| Solana | -4,333 | 45 | neutral | -1,189 |
| XRP | -2,316 | 75 | leaning long | -1,169 |
Spec net = speculative long minus short contracts. Pctile = rank of that net within its trailing 3 years (0 = most short, 100 = most long). Green states = positioned long, red = positioned short; darker = more crowded. New to positioning data? How to read this report.
At an extreme
- Copper — Managed Money are net long 76,271 contracts, 99th percentile of the last 3 years (crowded long). Producer/Merchant are at the opposite extreme — classic crowding setup.
- Euro FX — Leveraged Funds are net short 38,359 contracts, 9th percentile of the last 3 years (crowded short).
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Positioning data describes what large traders held as of the report date, published with a lag. It is a crowding and context gauge, not a trade recommendation. Nothing here is investment advice. Source: CFTC (public domain).