Archive for investing – Page 29

01 Dec

Bitcoin Speculators pushed their bearish bets lower this week

December 1st 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

Bitcoin Non-Commercial Speculator Positions:

Large cryptocurrency speculators reduced their bearish net positions in the Bitcoin futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -979 contracts in the data reported through Tuesday November 27th. This was a weekly boost of 220 net contracts from the previous week which had a total of -1,199 net contracts.

This week’s net position was the result of the gross bullish position growing by 254 contracts to a weekly total of 1,852 contracts compared to the gross bearish position which saw a rise by just 34 contracts for the week to a total of 2,831 contracts.

The speculative position saw its bearish position fall to the lowest level since Bitcoin futures trading began in December of 2017.

Meanwhile, the small traders raised their existing bullish bets by just 3 contracts to a total of 1,202 net contracts.

Bitcoin Futures COT Data was Speculators vs Small Traders but this week Commercial positions began

The Bitcoin futures data is in its fiftieth week since the start of the cryptocurrency futures data releases on December 19th 2017. The data had only included trader classifications of speculators and small traders up until now but commercial trader positions were in the data this week. The commercials started their trading by having a -223 net contract position in the data through Tuesday November 27th.

Commercial traders are classified as participants that buy and sell a commodity for business purposes like hedging. It will be interesting to see if this is the start of commercials being in this market continuously going forward or if this is a one-off or maybe even an error. Time will tell.

Bitcoin Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $3720 which was a fall of $-520 from the previous close of $4240, according to unofficial market data.

*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) as well as the commercial traders (hedgers & traders for business purposes) 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article By CountingPips.com – Receive our weekly COT Reports by Email

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01 Dec

S&P500 Mini Speculators reduced their bullish net positions after 2 up weeks

December 1st 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

S&P500 Mini Non-Commercial Speculator Positions:

Large stock market speculators cut back on their bullish net positions in the S&P500 Mini futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of S&P500 Mini futures, traded by large speculators and hedge funds, totaled a net position of 215,357 contracts in the data reported through Tuesday November 27th. This was a weekly decrease of -8,913 net contracts from the previous week which had a total of 224,270 net contracts.

This week’s net position was the result of the gross bullish position sinking by -25,509 contracts to a weekly total of 486,016 contracts which more than offset the gross bearish position that fell by -16,596 contracts for the week to a total of 270,659 contracts.

The net speculator position had gained for the previous two weeks before this week’s slide. The current standing remains highly bullish and is over the +200,000 net contract level for the eighth time out of the past nine weeks.

S&P500 Mini Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -276,027 contracts on the week. This was a weekly uptick of 15,474 contracts from the total net of -291,501 contracts reported the previous week.

S&P500 Mini Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the S&P500 Mini Futures (Front Month) closed at approximately $2683.50 which was a gain of $43.50 from the previous close of $2640.00, according to unofficial market data.

*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) as well as the commercial traders (hedgers & traders for business purposes) 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article By CountingPips.com – Receive our weekly COT Reports by Email

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01 Dec

VIX Speculators bullish bets on volatility cooled off this week

December 1st 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

VIX Non-Commercial Speculator Positions:

Large volatility speculators reduced their bullish net positions in the VIX futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of VIX futures, traded by large speculators and hedge funds, totaled a net position of 27,613 contracts in the data reported through Tuesday November 27th. This was a weekly lowering of -7,915 net contracts from the previous week which had a total of 35,528 net contracts.

This week’s net position was the result of the gross bullish position sliding by -21,932 contracts to a weekly total of 131,357 contracts compared to the gross bearish position which saw a fall by -14,017 contracts for the week to a total of 103,744 contracts.

The net speculative position had seen increasing bullish positions for seven straight weeks before this week’s turnaround. The current standing is above the +20,000 net contract level for a third straight week.

VIX Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -19,589 contracts on the week. This was a weekly increase of 8,388 contracts from the total net of -27,977 contracts reported the previous week.

VIX Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the VIX Futures (Front Month) closed at approximately $19.12 which was a loss of $-1.30 from the previous close of $20.42, according to unofficial market data.

*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) as well as the commercial traders (hedgers & traders for business purposes) 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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01 Dec

Silver Speculators slightly edged their bearish net positions higher

December 1st 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

Silver Non-Commercial Speculator Positions:

Large precious metals speculators raised their bearish net positions in the Silver futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of -10,966 contracts in the data reported through Tuesday November 27th. This was a weekly change of -238 net contracts from the previous week which had a total of -10,728 net contracts.

This week’s net position was the result of the gross bullish position sliding by -3,833 contracts to a weekly total of 67,813 contracts compared to the gross bearish position which saw a decrease by -3,595 contracts for the week to a total of 78,779 contracts .

The bearish speculative net position has increased for two out of the past three weeks. The current standing has remained in a bearish position for sixteen straight weeks and is above the -10,000 contract level for a third week in a row.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -8,841 contracts on the week. This was a weekly decline of -1,947 contracts from the total net of -6,894 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1422.10 which was a fall of $-4.80 from the previous close of $1426.90, according to unofficial market data.

*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) as well as the commercial traders (hedgers & traders for business purposes) 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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01 Dec

Copper Speculators trimmed their bullish bets this week

December 1st 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

Copper Non-Commercial Speculator Positions:

Large precious metals speculators cut back on their bullish net positions in the Copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 10,692 contracts in the data reported through Tuesday November 27th. This was a weekly fall of -1,910 net contracts from the previous week which had a total of 12,602 net contracts.

This week’s net position was the result of the gross bullish position tumbling by -3,956 contracts to a weekly total of 76,742 contracts compared to the gross bearish position which saw a reduction by -2,046 contracts for the week tot a total of 66,050 contracts .

The speculative position dip this week followed a strong gain (+9,187 contracts) in bullish bets last week. The current standing remains in a small bullish position and marks a tenth straight week in bullish territory after crossing from bearish to bullish on September 25th.

Copper Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -10,236 contracts on the week. This was a weekly boost of 2,888 contracts from the total net of -13,124 contracts reported the previous week.

Copper Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $272.60 which was a shortfall of $-4.05 from the previous close of $276.65, according to unofficial market data.

*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) as well as the commercial traders (hedgers & traders for business purposes) 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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26 Nov

Currencies: US Dollar Index Speculators trimmed bullish bets for 1st time in 8 weeks. Euro bets drop

November 26th, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

US Dollar Index Speculator Positions

Large currency speculators reduced their bullish net positions in the US Dollar Index futures markets last week while also pushing euro bets more bearish, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the Thanksgiving day holiday.

The non-commercial futures contracts of US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 39,340 contracts in the data reported through Tuesday November 20th. This was a weekly reduction of -1,173 contracts from the previous week which had a total of 40,513 net contracts.

The week’s net position was the result of the gross bullish position falling by -2,710 contracts to a weekly total of 45,738 contracts compared to the gross bearish position total of 6,398 contracts which saw a fall by -1,537 contracts for the week.

The speculator position declined for the first time in the past eight weeks and for just the third time out of the past thirty-one weeks. The current standing is now below the +40,000 net position level for the first time in three weeks.

Individual Currencies Data this week:

In the other major currency contracts data, we saw just one substantial change (+ or – 10,000 contracts) in the speculators category last week.

Euro positions dropped sharply last week by over -10,000 contracts. The euro bets have fallen for seven out of the past eight weeks and are now at the most bearish level since March 7th of 2017.

Overall, the major currencies that saw improving speculator positions last week were the British pound sterling (3,629 contracts), Japanese yen (2,229 contracts), Australian dollar (600 contracts), New Zealand dollar (1,521 contracts) and the Mexican peso (6,796 contracts).

The currencies whose speculative bets declined last week were the US dollar index (-1,173 weekly change in contracts), euro (-10,210 weekly change in contracts), Swiss franc (-1,023 contracts) and the Canadian dollar (-3,498 contracts).

Other Notables for the week:

Mexican peso positions have bounced back modestly recently and have gained for two straight weeks following four weeks of declines. The peso is the only other currency than the USD Index that currently has bullish sentiment (presently at 14,083 net contracts).

New Zealand dollar bets have improved for three straight weeks after falling to a record high bearish position on October 16th. The NZD net position is now below the -20,000 contract level for the first time since June 26th.

See the table and individual currency charts below.

Table of Large Speculator Levels & Weekly Changes:

CurrencyNet Speculator PositionSpecs Weekly Change
USD Index39,340-1,173
EuroFx-47,229-10,210
GBP-43,4783,629
JPY-100,0652,229
CHF-19,625-1,023
CAD-6,289-3,498
AUD-59,180600
NZD-19,3471,521
MXN14,0836,796

 

This latest COT data is through Tuesday and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets. All currency positions are in direct relation to the US dollar where, for example, a bet for the euro is a bet that the euro will rise versus the dollar while a bet against the euro will be a bet that the dollar will gain versus the euro.

 

Weekly Charts: Large Trader Weekly Positions vs Price

EuroFX:

The Euro large speculator standing last week totaled a net position of -47,229 contracts in the data reported through Tuesday. This was a weekly reduction of -10,210 contracts from the previous week which had a total of -37,019 net contracts.

British Pound Sterling:

The large British pound sterling speculator level reached a net position of -43,478 contracts in the data reported for last week. This was a weekly gain of 3,629 contracts from the previous week which had a total of -47,107 net contracts.

Japanese Yen:

Large Japanese yen speculators equaled a net position of -100,065 contracts in last week’s data. This was a weekly advance of 2,229 contracts from the previous week which had a total of -102,294 net contracts.

Swiss Franc:

The Swiss franc speculator standing last week was a net position of -19,625 contracts in the data through Tuesday. This was a weekly fall of -1,023 contracts from the previous week which had a total of -18,602 net contracts.

Canadian Dollar:

Canadian dollar speculators came in at a net position of -6,289 contracts last week. This was a reduction of -3,498 contracts from the previous week which had a total of -2,791 net contracts.

Australian Dollar:

The large speculator positions in Australian dollar futures reached a net position of -59,180 contracts last week in the data ending Tuesday. This was a weekly rise of 600 contracts from the previous week which had a total of -59,780 net contracts.

New Zealand Dollar:

The New Zealand dollar speculative standing resulted in a net position of -19,347 contracts last week in the latest COT data. This was a weekly advance of 1,521 contracts from the previous week which had a total of -20,868 net contracts.

Mexican Peso:

Mexican peso speculators totaled a net position of 14,083 contracts last week. This was a weekly rise of 6,796 contracts from the previous week which had a total of 7,287 net contracts.

Article By CountingPips.com – 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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26 Nov

WTI Crude Oil Speculators reduced their bullish bets for 8th straight week

November 26th, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators once again cut back on their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the Thanksgiving day holiday.

The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 367,187 contracts in the data reported through Tuesday November 20th. This was a weekly fall of -14,011 net contracts from the previous week which had a total of 381,198 net contracts.

The week’s net position was the result of the gross bullish position lowering by -32,596 contracts to a weekly total of 528,849 contracts compared to the gross bearish position total of 161,662 contracts which saw a fall by -18,585 contracts for the week.

The speculative position has fallen for eight straight weeks and by a total of -192,898 net contracts over that time-frame. The current standing is now at the lowest level since August 29th of 2017 when the net position totaled 365,865 contracts and the price of WTI futures was just above $46 per barrel.

WTI Crude Oil Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -396,390 contracts on the week. This was a weekly uptick of 23,137 contracts from the total net of -419,527 contracts reported the previous week.

WTI Crude Oil Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the WTI Crude Oil Futures (Front Month) closed at approximately $53.43 which was a decline of $-2.26 from the previous close of $55.69, according to unofficial market data.

*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) as well as the commercial traders (hedgers & traders for business purposes) 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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26 Nov

10-Year Note Speculators added to bearish bets after previous week’s huge move

November 26th, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

10-Year Note Non-Commercial Speculator Positions:

Large bond speculators increased their bearish net positions in the 10-Year Note futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the Thanksgiving day holiday.

The non-commercial futures contracts of 10-Year Note futures, traded by large speculators and hedge funds, totaled a net position of -367,265 contracts in the data reported through Tuesday November 20th. This was a weekly change of -34,070 net contracts from the previous week which had a total of -333,195 net contracts.

This week’s net position was the result of the gross bullish position falling by -51,450 contracts to a weekly total of 614,841 contracts compared to the gross bearish position total of 982,106 contracts which only saw a decrease by -17,380 contracts for the week.

The speculators added to their bearish position last week following the huge cut down of the overall bearish level in the previous week by +205,991 contracts (this marked the largest 1-week gain in a year and a half). The bearish position now remains under the -400,000 net contract level for a second straight week. The is the first time since June that bearish bets have been under that level for consecutive weeks.

10-Year Note Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 460,615 contracts on the week. This was a weekly rise of 18,449 contracts from the total net of 442,166 contracts reported the previous week.

10-Year Note Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 10-Year Note Futures (Front Month) closed at approximately $119.17 which was an increase of $0.87 from the previous close of $118.29, according to unofficial market data.

*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) as well as the commercial traders (hedgers & traders for business purposes) 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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26 Nov

Gold Speculators raised their bullish bets back into bullish territory

November 26th, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators raised their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the Thanksgiving day holiday.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 8,896 contracts in the data reported through Tuesday November 20th. This was a weekly rise of 18,143 net contracts from the previous week which had a total of -9,247 net contracts.

The week’s net position was the result of the gross bullish position sliding by -2,910 contracts to a weekly total of 165,506 contracts but was more than offset by the gross bearish position which saw a decrease by -21,053 contracts for the week to a total of 156,610 contracts.

The speculative net position flipped back into bullish territory after falling into a bearish net position in the previous week. The gold sentiment has been trending back positively in recent weeks with gold bets having a bullish net position in five out of the past six weeks.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -23,140 contracts on the week. This was a weekly fall of -21,317 contracts from the total net of -1,823 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1221.20 which was a rise of $19.80 from the previous close of $1201.40, according to unofficial market data.

*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) as well as the commercial traders (hedgers & traders for business purposes) 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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26 Nov

Bitcoin Speculators edged their bearish net positions higher last week

November 26th, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

Bitcoin Non-Commercial Speculator Positions:

Large cryptocurrency speculators slightly edged their bearish net positions higher in the Bitcoin futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the Thanksgiving day holiday.

The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,199 contracts in the data reported through Tuesday November 20th. This was a weekly change of -14 net contracts from the previous week which had a total of -1,185 net contracts.

The week’s net position was the result of the gross bullish position tumbling by -111 contracts to a weekly total of 1,598 contracts compared to the gross bearish position total of 2,797 contracts which saw a lowering by -97 contracts for the week.The speculators have increased their bearish positions in three out of the past four weeks (although by small amounts).

Meanwhile, the small traders position, which is on the opposite side of this market from the speculators, edged their existing bullish positions slightly higher this week by an equally offsetting 14 contracts to a current bullish level of 1,199 net contracts.

Bitcoin Futures COT Data is Speculators vs Small Traders

The Bitcoin futures data is in its forty-ninth week since the start of the cryptocurrency futures data releases on December 19th 2017. The data includes trader classifications of only speculators and small traders and without any commercial traders (typically business hedgers or producers of a commodity).

Speculators have remained on the bearish side since the beginning of the bitcoin data releases while the small traders have continued to be on the bullish side of this cryptocurrency market.

Bitcoin Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $4240 which was a loss of $-2045 from the previous close of $6285, according to unofficial market data.

*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) as well as the commercial traders (hedgers & traders for business purposes) 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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