COT report – October 25, 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 −127,292 contracts, with speculative net positioning shifted lower by 9,993 contracts. Price increased 1.28%.

Natural Gas — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −241,272 contracts, with speculative net positioning shifted lower by 7,694 contracts. Price declined 2.25%.

Silver — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net long at +19,795 contracts, with speculative net positioning shifted lower by 2,836 contracts. Price declined 5.56%.

Platinum — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net long at +13,162 contracts, with speculative net positioning improved by 189 contracts. Price declined 5.12%.

Palladium — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −9,133 contracts, with speculative net positioning shifted lower by 1,055 contracts. Price declined 6.14%.

Copper — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net long at +57,397 contracts, with speculative net positioning shifted lower by 11,123 contracts. Price declined 0.98%.

Japanese Yen — 19%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +69,878 contracts, with speculative net positioning improved by 19,671 contracts. Price increased 0.68%.

Swiss Franc — 13%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net short at −18,150 contracts, with speculative net positioning improved by 3,928 contracts. Price declined 0.19%.

ASSET	PRICE CHG	SPEC. NET	SPEC. NET CHG	COMM. NET	COMM. NET CHG	SMALL NET	OPEN INTEREST	OI CHG	COT INDEX	POSITIONING
Dollar Index	-0.01%	+15,044	+2,125	-17,014	-2,186	+1,970	49,382	-5%	33%	Bullish (Net Long) – Improving
Euro FX	-0.35%	-134,524	+3,049	+104,895	-6,330	+29,629	877,940	+0%	97%	Bearish (Net Short) – Improving
Swiss Franc	-0.19%	-18,150	+3,928	+34,017	-2,255	-15,867	136,451	-1%	13%	Bearish (Net Short) – Improving
British Pound	+0.36%	-80,420	+26,544	+95,508	-25,936	-15,088	254,060	-5%	67%	Bearish (Net Short) – Improving
Japanese Yen	+0.68%	+69,878	+19,671	-71,087	-22,500	+1,209	379,141	+2%	19%	Bullish (Net Long) – Improving
Canadian Dollar	+0.90%	-74,709	+20,056	+86,848	-18,765	-12,139	383,635	+1%	42%	Bearish (Net Short) – Improving
Australian Dollar	+1.28%	-127,292	-9,993	+114,925	+8,555	+12,367	333,010	-2%	100%	Bearish (Net Short) – Weakening
New Zealand Dollar	+0.82%	-58,149	-11,148	+60,422	+11,447	-2,273	131,413	+5%	89%	Bearish (Net Short) – Weakening
Mexican Peso	-0.82%	+17,023	+1,781	-17,826	-1,730	+803	278,165	+0%	94%	Bullish (Net Long) – Improving
Crude Oil (WTI)	+4.44%	+89,325	-11,018	-116,158	+9,177	+26,833	1,835,144	-3%	77%	Bullish (Net Long) – Weakening
Gasoline	-0.49%	+69,589	-5,872	-81,044	+8,945	+11,455	337,457	-1%	29%	Bullish (Net Long) – Weakening
Heating Oil	-1.82%	+13,028	-1,725	-30,397	+2,883	+17,369	269,131	+0%	43%	Bullish (Net Long) – Weakening
Natural Gas	-2.25%	-241,272	-7,694	+222,969	+4,131	+18,303	1,710,685	-2%	100%	Bearish (Net Short) – Weakening
Gold	-4.22%	+199,865	-8,014	-235,582	+6,949	+35,717	402,279	+1%	47%	Bullish (Net Long) – Weakening
Silver	-5.56%	+19,795	-2,836	-37,176	+2,266	+17,381	113,992	+5%	100%	Bullish (Net Long) – Weakening
Platinum	-5.12%	+13,162	+189	-15,694	+595	+2,532	70,511	+4%	100%	Bullish (Net Long) – Improving
Palladium	-6.14%	-9,133	-1,055	+8,123	+1,028	+1,010	24,916	+8%	100%	Bearish (Net Short) – Weakening
Copper	-0.98%	+57,397	-11,123	-64,296	+12,341	+6,899	327,119	+4%	100%	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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