Quick COT Update

The latest data on futures contract positioning has been released by the CFTC, showing some fairly large changes, especially in the metals.

The charts below show the past three years of positions for the major contracts. These are money manager and/or speculator positions, which is opposite from what we show on the site. So if a position is near the upper end of its range in these charts, then it means that money managers are heavily long relative to their range over the past few years. This is a quick way to see how trend-following speculators are positioned.