Positioning
Oct 17, 2026 6 min read
Commercial Traders in the COT Report: What Their Positions Reveal
Commercial traders in the COT report are the hedgers: producers, merchants, processors and banks who hold futures to offset a business exposure, not to speculate. Their net position is usually on the wrong side of the trend and right at the turn. This guide explains who they are, why their positions behave that way, how to read their net against its own history, and the three mistakes that come from treating them as a signal rather than a context.
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