COT Weekly Update
Commitments of Traders – Smart Money Positioning
Data as of: 06/02/26Key Signals This Week
- JPY: Commercials at +127,768 net long — highest 2026 reading, strongest USD weakness signal
- CAD: Commercials at +99,606 vs specs -94,111 — extreme bullish divergence
- S&P 500: Specs at extreme short (-220,768) — deepest 2026 reading, contrarian bullish
- Natural Gas: Commercials +173,913 vs specs -186,115 — persistent bullish divergence
- Gold: Specs crowded long (+176,020) vs commercials -206,345 — headwind for further upside
Precious Metals (COMEX)
| Contract | Commercial Net | Spec Net | Weekly Change | Signal |
|---|---|---|---|---|
| Gold | -206,345 | +176,020 | – | Crowded Long |
| Silver | -42,661 | +23,926 | – | Neutral |
| Copper | -88,645 | +78,833 | – | Neutral |
Energy (NYMEX)
| Contract | Commercial Net | Spec Net | Weekly Change | Signal |
|---|---|---|---|---|
| Crude Oil (WTI) | -188,109 | +155,874 | – | Neutral |
| Natural Gas | +173,913 | -186,115 | – | Bullish |
Natural Gas bullish divergence persists — Commercials net long (+173,913) vs specs heavily short (-186,115). Crude Oil: Specs net long (+155,874), commercials short (-188,109).
Equity Indices (CME)
| Contract | Commercial Net | Spec Net | Weekly Change | Signal |
|---|---|---|---|---|
| S&P 500 E-Mini | +109,074 | -220,768 | – | Contrarian Bullish |
| Nasdaq 100 Mini | +13,812 | -14,949 | – | Neutral |
S&P 500: Specs at extreme short (-220,768) — deepest of 2026. Commercials strongly net long (+109,074). Historically, extreme spec shorts precede squeeze rallies. Nasdaq positioning neutral.
Currencies (CME)
| Contract | Commercial Net | Spec Net | Weekly Change | Signal |
|---|---|---|---|---|
| Euro FX | -69,396 | +48,866 | Specs: +15,353 | Neutral |
| Japanese Yen | +127,768 | -129,567 | Specs: -35,662 | Bullish JPY |
| British Pound | +61,093 | -52,218 | Specs: +12,089 | Bullish GBP |
| Australian Dollar | -60,773 | +41,812 | Specs: -43,832 | Bearish |
| Canadian Dollar | +99,606 | -94,111 | Specs: -62,880 | Bullish CAD |
JPY commercials at +127,768 — persistent USD weakness signal. CAD at +99,606 vs specs -94,111 — extreme divergence. GBP (+61,093) sustained bullish. AUD commercials short (-60,773) with specs long (+41,812) — bearish.
What is the COT Report?
The Commitments of Traders (COT) report is released weekly by the CFTC. It shows how different trader groups are positioned in futures markets:
- Commercials (Smart Money): Hedgers with real business exposure – often right at turning points
- Non-Commercials (Specs): Hedge funds and large speculators – often wrong at extremes
Release: Every Friday at 3:30 PM ET (Saturday 4:30 AM Singapore)