Metals
Platinum COT positioning
Speculators are net long platinum, at the 56th percentile of the last three years, which is within its normal range rather than at an extreme.
Reading as of 22 September 2026. The CFTC publishes weekly with a three day lag, so this describes the previous Tuesday. The terminal carries the full three year history and the week on week change.
Reading it
What this book is, and how it behaves.
A thin book dominated by autocatalyst demand. Percentiles here move on relatively few contracts and should be read with that in mind.
Positioning at an extreme is a description of where the crowd sits, not a forecast. A crowded book can stay crowded for months and get more crowded on the way. What it does tell you is who is already in the trade, which is what decides how violently a market reacts when the news goes the other way.
Platinum positioning, answered.
Are speculators net long or net short platinum?
Speculators are net long platinum, at the 56th percentile of the last three years, which is within its normal range rather than at an extreme. The net position is +9,928 contracts as of 22 September 2026.
What does one Platinum contract represent?
One contract is 50 troy ounces. A thin book dominated by autocatalyst demand. Percentiles here move on relatively few contracts and should be read with that in mind.
What is the COT report?
The Commitment of Traders report is published weekly by the CFTC. It breaks open interest in US futures markets down by category of trader. The figure here is the non-commercial, or speculative, net position: long contracts minus short contracts. It is reported with a three day lag, so the newest reading describes the previous Tuesday.
Does extreme positioning mean the price will reverse?
No. Positioning describes where the crowd sits, not what happens next. Crowded books can stay crowded for months and get more crowded on the way. It is a measure of who is already in a trade, which matters for how a market reacts to news, and it is not a timing signal.
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