COT report – September 25, 2026
Weekly futures-market positioning across major currencies, energy and metals. COT is a positioning indicator and should not be interpreted as a standalone price forecast.
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 −46,814 contracts, with speculative net positioning shifted lower by 7,908 contracts. Price declined 1.38%.
Natural Gas — 94%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −216,530 contracts, with speculative net positioning improved by 5,057 contracts. Price increased 7.22%.
Euro FX — 83%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −52,334 contracts, with speculative net positioning shifted lower by 25,341 contracts. Price declined 0.85%.
Palladium — 69%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net short at −4,533 contracts, with speculative net positioning shifted lower by 383 contracts. Price declined 2.81%.
Platinum — 61%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net long at +15,366 contracts, with speculative net positioning improved by 146 contracts. Price declined 1.47%.
British Pound — 58%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net short at −82,568 contracts, with speculative net positioning shifted lower by 23,853 contracts. Price declined 1.10%.
Silver — 8%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +25,444 contracts, with speculative net positioning improved by 118 contracts. Price declined 3.11%.
Copper — 8%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +90,522 contracts, with speculative net positioning improved by 15,388 contracts. Price increased 0.95%.
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 | +0.82% | +10,330 | -263 | -12,167 | +67 | +1,837 | 46,328 | +6% | 54% | Bullish (Net Long) – Weakening |
Euro FX | -0.85% | -52,334 | -25,341 | +28,967 | +28,757 | +23,367 | 821,689 | -11% | 83% | Bearish (Net Short) – Weakening |
Swiss Franc | -0.84% | -26,752 | +2,236 | +43,116 | -1,358 | -16,364 | 133,495 | -22% | 49% | Bearish (Net Short) – Improving |
British Pound | -1.10% | -82,568 | -23,853 | +87,680 | +30,615 | -5,112 | 244,925 | -22% | 58% | Bearish (Net Short) – Weakening |
Japanese Yen | -0.31% | +71,982 | -48,377 | -76,414 | +48,260 | +4,432 | 378,701 | -30% | 17% | Bullish (Net Long) – Weakening |
Canadian Dollar | -1.14% | -53,210 | -15,633 | +55,998 | +9,075 | -2,788 | 311,085 | -13% | 25% | Bearish (Net Short) – Weakening |
Australian Dollar | -1.38% | -46,814 | -7,908 | +27,160 | +7,335 | +19,654 | 306,488 | -38% | 100% | Bearish (Net Short) – Weakening |
New Zealand Dollar | -1.05% | -11,380 | -21,898 | +12,411 | +22,595 | -1,031 | 101,377 | -25% | 29% | Bearish (Net Short) – Weakening |
Mexican Peso | -2.55% | +75,167 | -12,615 | -79,620 | +12,077 | +4,453 | 266,061 | -17% | 52% | Bullish (Net Long) – Weakening |
Crude Oil (WTI) | -3.17% | +141,106 | +5,201 | -169,889 | -5,031 | +28,783 | 1,841,811 | -6% | 48% | Bullish (Net Long) – Improving |
Gasoline | -1.39% | +69,125 | +6,204 | -84,549 | -6,752 | +15,424 | 361,099 | +1% | 10% | Bullish (Net Long) – Improving |
Heating Oil | -5.31% | +10,631 | +1,678 | -31,757 | +2,502 | +21,126 | 274,811 | -1% | 35% | Bullish (Net Long) – Improving |
Natural Gas | +7.22% | -216,530 | +5,057 | +203,524 | -3,228 | +13,006 | 1,837,146 | +1% | 94% | Bearish (Net Short) – Improving |
Gold | -2.16% | +225,853 | -4,485 | -262,903 | -1,182 | +37,050 | 412,800 | +1% | 18% | Bullish (Net Long) – Weakening |
Silver | -3.11% | +25,444 | +118 | -44,754 | -2,054 | +19,310 | 106,474 | +3% | 8% | Bullish (Net Long) – Improving |
Platinum | -1.47% | +15,366 | +146 | -19,761 | +48 | +4,395 | 65,373 | +0% | 61% | Bullish (Net Long) – Improving |
Palladium | -2.81% | -4,533 | -383 | +3,231 | +153 | +1,302 | 16,730 | +0% | 69% | Bearish (Net Short) – Weakening |
Copper | +0.95% | +90,522 | +15,388 | -100,435 | -16,048 | +9,913 | 301,657 | +4% | 8% | Bullish (Net Long) – Improving |
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