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Commitment of Traders

The Commitment of Traders is a report issued every Friday at around 2.30pm EST by the Commodity Futures Trading Commission (CFTC) that measures the net long and short positions taken by traders in various futures markets.

The report provides a breakdown of aggregate positions held by three different types of traders:

  • Commercial traders
  • Non-Commercial traders
  • Non-reportable

“Commercial traders” are usually called “Hedgers”, “Non-Commercial traders” are known as “Large speculators,” and the “Non-reportable” group is often called “Small speculators”.

The CoT reflects the positioning of these players on the prior Tuesday on markets in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC.

Why should you follow the CoT weekly reports?
Although CoT details trader’s positions in the futures markets and not in the spot markets, it is a very important indicator of the behavior of these players and may help you forecast future direction of prices.

Many speculative traders use the CoT report to help them decide whether or not to take a long or short position. One theory is that "small speculators" are generally wrong and that the best position is contrary to the net non-reportable position. Another theory is that commercial traders understand their market the best and taking their position has a better chance of profit.

Below you can find the charts detailing the latest positions of Commercial traders, Non-Commercial Traders (Large Speculators) and Non-reportable traders (Small Speculators) based on the last available CoT report.

CHART

For more details on the Commitment of Traders weekly report or for historical data, please go to
http://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm