COT report basics

The Commitments of Traders (COT) report shows how groups of traders are positioned in futures markets. The U.S. Commodity Futures Trading Commission (CFTC) publishes it weekly.

Positions are grouped by contract and trader classification. The categories depend on the report family; Commercial and Noncommercial are Legacy categories, not the categories for every report.

It is a snapshot of positions on the stated date, not live trading activity or a forecast. Choosing a report type explains the available classifications.

Compare a trader group's position with its own history and follow changes between reports. Net position is long contracts minus short contracts; a net-long position does not by itself establish a bullish outlook.

Commercial traders often hedge business exposure, and other groups can hold spreads or offsetting positions. Consider the group's role, the report date, price action and later reports before drawing a conclusion.

Every open futures contract has a long and a short side. Opposite group extremes do not independently confirm a forecast. Report families overlap and must not be counted as separate votes.

The data follows a weekly reporting cycle. It provides positioning context alongside other information, without prescribing how often to trade or check a market.