COT report – October 2, 2026

Mohamad Gharib Independent Analyst

Key COT extremes and 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

Australian Dollar — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −63,239 contracts, with speculative net positioning shifted lower by 16,425 contracts. Price declined 0.96%.

Mexican Peso — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net long at +52,402 contracts, with speculative net positioning shifted lower by 22,765 contracts. Price declined 2.54%.

Natural Gas — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −231,020 contracts, with speculative net positioning shifted lower by 14,490 contracts. Price declined 6.52%.

Palladium — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −5,825 contracts, with speculative net positioning shifted lower by 1,292 contracts. Price declined 8.18%.

Euro FX — 92%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −63,256 contracts, with speculative net positioning shifted lower by 10,922 contracts. Price declined 1.22%.

Platinum — 90%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net long at +13,489 contracts, with speculative net positioning shifted lower by 1,877 contracts. Price declined 5.22%.

Japanese Yen — 24%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +55,440 contracts, with speculative net positioning shifted lower by 16,542 contracts. Price declined 0.40%.

Copper — 18%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +85,411 contracts, with speculative net positioning shifted lower by 5,111 contracts. Price declined 2.95%.

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	+0.88%	+11,881	+1,551	-13,874	-1,707	+1,993	48,342	+4%	47%	Bullish (Net Long) – Improving
Euro FX	-1.22%	-63,256	-10,922	+40,577	+11,610	+22,679	853,959	+4%	92%	Bearish (Net Short) – Weakening
Swiss Franc	-0.10%	-24,617	+2,135	+40,140	-2,976	-15,523	133,872	+0%	37%	Bearish (Net Short) – Improving
British Pound	-0.05%	-91,075	-8,507	+100,882	+13,202	-9,807	251,740	+3%	73%	Bearish (Net Short) – Weakening
Japanese Yen	-0.40%	+55,440	-16,542	-55,985	+20,429	+545	360,720	-5%	24%	Bullish (Net Long) – Weakening
Canadian Dollar	-0.78%	-78,671	-25,461	+89,564	+33,566	-10,893	347,274	+12%	44%	Bearish (Net Short) – Weakening
Australian Dollar	-0.96%	-63,239	-16,425	+46,348	+19,188	+16,891	309,800	+1%	100%	Bearish (Net Short) – Weakening
New Zealand Dollar	-0.85%	-17,315	-5,935	+18,994	+6,583	-1,679	114,777	+13%	37%	Bearish (Net Short) – Weakening
Mexican Peso	-2.54%	+52,402	-22,765	-54,597	+25,023	+2,195	274,821	+3%	100%	Bullish (Net Long) – Weakening
Crude Oil (WTI)	-1.28%	+109,463	-31,643	-142,618	+27,271	+33,155	1,878,576	+2%	64%	Bullish (Net Long) – Weakening
Gasoline	+3.61%	+65,231	-3,894	-78,189	+6,360	+12,958	342,854	-5%	32%	Bullish (Net Long) – Weakening
Heating Oil	-0.38%	+12,091	+1,460	-30,303	+1,454	+18,212	238,533	-13%	44%	Bullish (Net Long) – Improving
Natural Gas	-6.52%	-231,020	-14,490	+213,503	+9,979	+17,517	1,782,129	-3%	100%	Bearish (Net Short) – Weakening
Gold	-3.43%	+218,632	-7,221	-250,967	+11,936	+32,335	406,456	-2%	31%	Bullish (Net Long) – Weakening
Silver	-6.18%	+22,083	-3,361	-40,010	+4,744	+17,927	107,047	+1%	81%	Bullish (Net Long) – Weakening
Platinum	-5.22%	+13,489	-1,877	-17,048	+2,713	+3,559	64,046	-2%	90%	Bullish (Net Long) – Weakening
Palladium	-8.18%	-5,825	-1,292	+4,697	+1,466	+1,128	18,602	+11%	100%	Bearish (Net Short) – Weakening
Copper	-2.95%	+85,411	-5,111	-94,841	+5,594	+9,430	301,201	+0%	18%	Bullish (Net Long) – Weakening

Author

Mohamad Gharib

Independent Analyst

Mohamad Gharib is a Financial Markets Analyst and Quantitative Researcher with more than 18 years of experience in financial markets, including 15 years as an FX Quant Trader.

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