Futures positioning across metals and energy continues to shift as volatility reshapes trader behaviour. Gold and silver have seen sustained long liquidation, copper positioning has cooled without panic, and WTI crude oil stands out as net-long exposure quietly builds. With no clear sentiment extremes across most markets, traders appear more inclined to reduce exposure and wait for volatility to settle rather than aggressively fade existing trends.
COT Report: How Futures Traders Are Positioned in Metals and Oil
Large Speculator Positioning from the COT report
Commodity futures COT dashboard showing large speculator and asset manager positioning across metals and oil, highlighting reduced gold and silver longs, cooling copper exposure, and rising net-long positioning in WTI crude oil.
Source: CFTC, IMM, CME, LSEG
- US Dollar Index: Diverging views persist, with asset managers increasing net-short exposure while large speculators trimmed theirs
- Gold: Large speculators cut net-long exposure to a 37-week low, while managed funds reduced positions to a two-year low
- Silver: Managed funds continued to exit silver futures, with net-long exposure of 4.9k contracts close to flipping net-short
- Copper: Net-long exposure edged lower across both trader groups, with declining volumes as both longs and shorts were trimmed
- Platinum: Longs and shorts continued to capitulate across both groups, leaving managed funds on the cusp of flipping net-short
- Palladium: Capitulation remains evident on both sides, though short covering has outpaced long liquidation, keeping net-long exposure positive
- WTI Crude Oil: Net-long exposure continued to build among large speculators and managed funds, with no immediate signs of a sentiment extreme
Asset Manager Positioning | COT Report
Source: CFTC, IMM, CME, LSEG
COT Insights Across Gold, Silver, Copper and WTI Crude
Gold Futures Positioning | COT Report
Gross long exposure to gold futures continued to decline sharply last week. Large speculators cut 37.6k contracts (-14.9%), while managed funds reduced longs by 24.4k contracts (-17%). Net-long exposure has now roughly halved since the Q4 peak.
Gross long positioning is at its lowest level since February 2024 for large speculators and March 2024 for managed funds. There has been a modest uptick in short exposure across both groups, but not enough to suggest traders are ready to fully bet against gold.
Volatility remains elevated, yet fundamentals are still broadly supportive. That points to lower participation while uncertainty persists, rather than outright bearish conviction. If volatility stabilises, a renewed build-up in long exposure later in the year remains plausible.
Source: CFTC, IMM, COMEX, LSEG
Silver Futures Positioning | COT Report
Managed funds were on the verge of flipping to net-short exposure in silver futures last week, holding a net-long position of just 4.9k contracts. As noted in earlier reports, futures traders have remained suspicious of the rally since bullish exposure peaked in March, but the pace of long liquidation has clearly accelerated over the past seven weeks.
A similar pattern is evident among large speculators, although they remain net-long by 25.9k contracts. Notably, both long and short positions were reduced by large specs and managed funds last week, reinforcing the view that exposure is being pared back rather than rotated into outright bearish bets.
As outlined in a separate article on Friday, risk reversals point to limited downside rather than a deeper correction for gold and silver. That said, with volatility still elevated, it seems unlikely futures traders will rush back into a market they’ve distrusted for most of the past 10 months — a dynamic that could cap any near-term rebound.
Source: CFTC, IMM, COMEX, LSEG
Copper Futures Positioning | COT Report
Net-long exposure continued to drift lower among both sets of traders in copper futures, but not at a pace that suggests panic. While short positions have crept higher in recent weeks, they remain low and were trimmed slightly last week. Long exposure was also reduced by both large speculators and managed funds.
With no clear sentiment extreme and traders still net-long, copper is likely to remain on bullish watchlists for dip buyers, particularly as some await volatility in precious metals to settle before re-engaging.
With no signs of a sentiment extreme across any metric and net-long exposure drifting lower, copper bulls appear to be patiently waiting for volatility in precious metals to subside before recommitting.
Source: CFTC, IMM, COMEX, LSEG
WTI Crude Oil Futures Positioning | COT Report
Large speculators increased their net-long exposure to WTI crude oil for a fourth consecutive week, lifting positioning to a six-month high. Managed funds also raised net-long exposure to a six-month high. In both cases, the move has been driven by a steady reduction in shorts rather than aggressive long accumulation, leaving net exposure well short of a sentiment extreme.
Last week’s inside bar signals a pause in the rally for now, but as with copper, WTI crude retains the potential to push higher in the weeks ahead.
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