COT report · positions as of 20 October 2026 · published 23 Oct
COT report: what changed in the week of 20 October 2026
In the CFTC report for positions as of 20 October 2026, published 23 October, the biggest change was in copper: speculators sold 13,368 contracts net, 28.3% of its one-year range, leaving them net long at 47,690. Read on WatchTower Terminal from the CFTC's own figures.
The biggest changes
Copper: speculators sold 13,368 contracts net, taking them to 47,690 (net long), a move of 28.3% of the past year's range.
Copper COT positioningThe pound: speculators bought 13,791 contracts net, taking them to 24,104 (net long), a move of 28% of the past year's range.
British Pound COT positioningThe New Zealand dollar: speculators sold 7,661 contracts net, taking them to −19,280 (net short), a move of 19.9% of the past year's range.
New Zealand Dollar COT positioningPalladium: speculators sold 1,295 contracts net, taking them to −11,994 (net short), a move of 9.9% of the past year's range, and the most short reading of the year.
Palladium COT positioningSilver: speculators sold 2,114 contracts net, taking them to 3,505 (net long), a move of 9.5% of the past year's range, and the most short reading of the year.
Silver COT positioning
At a one-year extreme: Euro (most short), Palladium (most short), Silver (most short).
Every market, week of 20 October
| Market | Net speculative position | Change on the week | Where in its year |
|---|---|---|---|
| Australian Dollar | 52,497 net long | +1,9062.2% of range | 80%inside the range |
| British Pound | 24,104 net long | +13,79128% of range | 52%inside the range |
| Canadian Dollar | −91,113 net short | −3,0014.2% of range | 16%inside the range |
| Copper | 47,690 net long | −13,36828.3% of range | 26%inside the range |
| Dow Jones | 13,066 net long | +2,1938.2% of range | 76%inside the range |
| Euro | −68,840 net short | −8390.7% of range | 0%near the year’s most short |
| Gold | 104,206 net long | −2,8835.2% of range | 26%inside the range |
| Japanese Yen | −22,890 net short | +10,7837.8% of range | 67%inside the range |
| Mexican Peso | 63,814 net long | +2500.5% of range | 43%inside the range |
| Nasdaq 100 | 77,790 net long | +2,4675.9% of range | 65%inside the range |
| New Zealand Dollar | −19,280 net short | −7,66119.9% of range | 37%inside the range |
| Nikkei 225 | 6,516 net long | +640.7% of range | 84%inside the range |
| Palladium | −11,994 net short | −1,2959.9% of range | 0%near the year’s most short |
| Platinum | 6,589 net long | −4543% of range | 35%inside the range |
| S&P 500 | 901,377 net long | −14,4588.2% of range | 13%inside the range |
| Silver | 3,505 net long | −2,1149.5% of range | 0%near the year’s most short |
| Swiss Franc | −13,607 net short | +1,3346.4% of range | 14%inside the range |
| US Dollar | 3,183 net long | +1,1073.3% of range | 82%inside the range |
| WTI Crude | 36,187 net long | −4,3872.9% of range | 49%inside the range |
Net speculative position is non-commercial longs minus shorts, in contracts, from the CFTC Commitments of Traders report for positions as of 20 October 2026, published 23 October 2026. "Where in its year" puts the position between the lowest (0%) and highest (100%) net reading of the past 52 weeks. Contract sizes differ by market, so the change is also given as a share of that range.
Questions
What changed most in the COT report of 20 October 2026?
Copper: speculators sold 13,368 contracts net, taking them to 47,690 (net long), a move of 28.3% of the past year's range. The pound: speculators bought 13,791 contracts net, taking them to 24,104 (net long), a move of 28% of the past year's range. The New Zealand dollar: speculators sold 7,661 contracts net, taking them to −19,280 (net short), a move of 19.9% of the past year's range.
Which markets are at a positioning extreme?
As of 20 October 2026, speculators were at their most short of the past year in the euro, most short of the past year in palladium, most short of the past year in silver.
When is the COT report released?
The CFTC publishes the Commitments of Traders report on Friday afternoon (3:30pm New York time), for positions as of the Tuesday before. This week's positions were taken on 20 October 2026 and published on 23 October 2026.
How should the COT report be read?
As a picture of how speculative money is positioned, not as a timing tool. A position near its one-year extreme says the trade is crowded, which matters most when the story behind it changes. WatchTower Terminal folds the level and the weekly flow into each market's composite score.
In WatchTower Terminal the COT positioning panel carries three years of history per market, beside retail positioning; the terminal is $10 for the first month. Nothing here is financial advice.