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 | +134,972 | 55 | neutral | -1,799 |
| Silver | +14,386 | 35 | neutral | +1,788 |
| Copper | +82,154 | 100 | crowded long | +9,272 |
| WTI Crude | +111,731 | 58 | neutral | +17,450 |
| Natural Gas | -96,742 | 23 | leaning short | -7,261 |
| Euro FX | -33,285 | 14 | leaning short | +4,888 |
| Japanese Yen | -49,098 | 53 | neutral | +53,090 |
| E-mini S&P 500 | -341,104 | 49 | neutral | -23,540 |
| E-mini Nasdaq 100 | -31,872 | 60 | neutral | -17,780 |
| 10Y Treasury Note | -1,938,754 | 46 | neutral | +123,748 |
| Bitcoin | -7,892 | 87 | leaning long | -272 |
| Ether | -7,286 | 40 | neutral | -1,961 |
| Solana | -2,195 | 92 | crowded long | +351 |
| XRP | -1,645 | 89 | leaning long | -223 |
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 82,154 contracts, 100th percentile of the last 3 years (crowded long). Producer/Merchant are at the opposite extreme — classic crowding setup.
- Solana — Leveraged Funds are net short 2,195 contracts, 92nd percentile of the last 3 years (crowded long). Dealer/Intermediary are at the opposite extreme — classic crowding setup.
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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).