14 Jun

Speculator Extremes: Bitcoin, Copper & Steel lead weekly Bullish Positions

June 14, 2026

By InvestMacro 

The latest update for the weekly Commitment of Traders (COT) report was released by the Commodity Futures Trading Commission (CFTC) on Friday for data ending on Tuesday June 9th.

This weekly Extreme Positions report highlights the Most Bullish and Most Bearish Positions for the speculator category and is a current snapshot of how speculators were positioned as of Tuesday. Extreme positioning in these markets can foreshadow strong moves in the underlying market.

To signify an extreme position, we use the Strength Index (also known as the COT Index) of each instrument, a common method of measuring COT data. The Strength Index is simply a comparison of current trader positions against the range of positions over the previous 3 years. We use over 80 percent as extremely bullish and under 20 percent as extremely bearish (Compare Strength Index scores across all markets in the data table or cot leaders table).

The 6-WK Trend score is the change in the Strength Index over the past 6 weeks and signals how strong and which way the Strength Index is going.

Extreme Bullish Speculator Table

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Here Are This Week’s Most Bullish Speculator Positions:

Bitcoin

Extreme Bullish Leader
The Bitcoin speculator position comes in as the most bullish extreme standing this week as the Bitcoin speculator level is currently at a 100 percent score of its 3-year range.

The six-week trend for the percent strength score totaled a boost of 11 percentage points this week. The overall net speculator position was a total of 3,018 net contracts this week with an advance of 560 contract in the weekly speculator bets.

The Bitcoin speculator positioning is often seen as a hedging position as many times when Bitcoin drops speculator bets go up and vice versa.

Speculators or Non-Commercials Notes:

Speculators, classified as non-commercial traders by the CFTC, are made up of large commodity funds, hedge funds and other significant for-profit participants. The Specs are generally regarded as trend-followers in their behavior towards price action – net speculator bets and prices tend to go in the same directions. These traders often look to buy when prices are rising and sell when prices are falling. To illustrate this point, many times speculator contracts can be found at their most extremes (bullish or bearish) when prices are also close to their highest or lowest levels.

These extreme levels can be dangerous for the large speculators as the trade is most crowded, there is less trading ammunition still sitting on the sidelines to push the trend further and prices have moved a significant distance. When the trend becomes exhausted, some speculators take profits while others look to also exit positions when prices fail to continue in the same direction. This process usually plays out over many months to years and can ultimately create a reverse effect where prices start to fall and speculators start a process of selling when prices are falling.

 

Copper

Extreme Bullish Leader
The Copper speculator position comes next in the extreme standings this week as the Copper speculator level is now at a 96 percent score of its 3-year range.

The six-week trend for the percent strength score was a rise higher by 10 percentage points this week. The speculator position registered 74,450 net contracts this week with a decline of -4,383 contracts in speculator bets.

Steel

Extreme Bullish Leader
The Steel speculator position comes in third this week in the extreme standings with the Steel speculator level residing at an 87 percent score of its 3-year range.

The six-week trend for the speculator strength score came in at a decrease of -2 percentage points this week. The overall speculator position was 11,707 net contracts this week with a gain of 1,107 contracts in the weekly speculator bets.

Cotton

Extreme Bullish Leader
The Cotton speculator position comes up number four in the extreme standings this week. The Cotton speculator level is at a 84 percent score of its 3-year range.

The six-week trend for the speculator strength score totaled a decline of -3 percentage points this week and the overall speculator position was 75,957 net contracts this week with a decline of -9,249 contracts in the speculator bets.

Soybean Oil

Extreme Bullish Leader
The Soybean Oil speculator position rounds out the top five in this week’s bullish extreme standings as the Soybean Oil speculator level sits at a 80 percent score of its 3-year range. The six-week trend for the speculator strength score was a decline of -20 percentage points this week.

The speculator position was 121,954 net contracts this week with a fall of -26,485 contracts in the weekly speculator bets.

The Most Bearish Speculator Positions of the Week:

Lean Hogs

Extreme Bearish Leader
The Lean Hogs speculator position comes in tied as the most bearish extreme standing this week as the Lean Hogs speculator level is at a 0 percent or minimum score of its 3-year range.

The six-week trend for the speculator strength score was a decline by -40 percentage points this week while the overall speculator position was -42,121 net contracts this week with a decrease of -5,067 contracts in the speculator bets.

Cocoa Futures

Extreme Bearish Leader
The Cocoa Futures speculator position comes in next and tied for the most bearish extreme standing on the week with the Cocoa speculator level is at 0 percent score of its 3-year range.

The six-week trend for the speculator strength score showed no change this week while the speculator position was -23,497 net contracts this week with a retreat of -6,185 contracts in the weekly speculator bets.

3-Month Secured Overnight Financing Rate

Extreme Bearish Leader
The 3-Month Secured Overnight Financing Rate speculator position comes in also tied as most bearish extreme standing of the week. The SOFR 3-Months speculator level resides at a 0 percent score of its 3-year range.

The six-week trend for the speculator strength score was a reduction of -54 percentage points this week and the overall speculator position was -2,534,063 net contracts this week with a reduction of -385,462 contracts in the speculator bets.

Natural Gas

Extreme Bearish Leader
The Natural Gas speculator position comes in as this week’s fourth most bearish extreme standing as the Natural Gas speculator level is at an 8 percent score of its 3-year range.

The six-week trend for the speculator strength score was a fall by -18 percentage points this week. The speculator position was -193,957 net contracts this week with a drop of -7,842 contracts in the weekly speculator bets.

Japanese Yen

Extreme Bearish Leader
Next, the Japanese Yen speculator position comes in as the fifth most bearish extreme standing for this week. The JPY speculator level is at a 11 percent score of its 3-year range.

The six-week trend for the speculator strength score was a drop of -12 percentage points this week and the speculator position was -145,818 net contracts this week with a decline of -16,251 contracts in the weekly speculator bets.

Article By InvestMacro – Receive our weekly COT Reports by Email

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting).See CFTC criteria here.

All information and opinions on this website and contained in this article are for general informational purposes only and do not constitute investment advice.


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