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 | +127,389 | 47 | neutral | -5,727 |
| Silver | +13,309 | 31 | neutral | +185 |
| Copper | +82,522 | 100 | crowded long | +17,416 |
| WTI Crude | +101,828 | 52 | neutral | -4,451 |
| Natural Gas | -65,547 | 43 | neutral | +34,658 |
| Euro FX | -26,694 | 18 | leaning short | +1,462 |
| Japanese Yen | +7,423 | 88 | leaning long | -15,747 |
| E-mini S&P 500 | -375,574 | 32 | neutral | -82,431 |
| E-mini Nasdaq 100 | -30,683 | 62 | neutral | -24,296 |
| 10Y Treasury Note | -1,926,947 | 51 | neutral | -58,821 |
| Bitcoin | -7,953 | 86 | leaning long | -1,599 |
| Ether | -10,617 | 27 | leaning short | -2,895 |
| Solana | -3,045 | 71 | leaning long | -1,221 |
| XRP | -1,605 | 88 | leaning long | -886 |
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 82,522 contracts, 100th percentile of the last 3 years (crowded long). Producer/Merchant 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).