<div id="readability-page-1"><div id="blog-content"><p>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 <strong>January 6th 2026</strong>.</p><p>This weekly Extreme Positions report highlights the Most Bullish and Most Bearish Positions for the speculator category. <strong>Extreme positioning</strong> in these markets can foreshadow strong moves in the underlying market.</p><p>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).</p><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/Extreme-Bullish-Speculators-Table-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/Extreme-Bullish-Speculators-Table-01-09-2026.png"/></p><h2><br/><strong>Here Are This Week’s Most Bullish Speculator Positions:</strong></h2><h3><strong>Palladium</strong></h3><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/PA_Extremes-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/PA_Extremes-01-09-2026.png"/></p><p>The Palladium speculator position comes in as the most extreme bullish standingof the week. The Palladium speculator level sits at a 97 percent score of its 3-year range.</p><p>The six-week trend for the percent strength score was a rise by 7 percentage points while the speculator position registered 579 net contracts this week with a weekly increase of 1,150 contracts in speculator bets.</p><h3><strong>Steel</strong></h3><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/HRC_Extremes-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/HRC_Extremes-01-09-2026.png"/></p><p>The Steel speculator position comes in as the second most bullish extreme standing this week with the Steel speculator level currently at a 97 percent score of its 3-year range.</p><p>The six-week trend for the strength score totaled a gain of 21 percentage points this week. The overall net speculator position was a total of 9,477 net contracts this week with a dip by -584 contract in the weekly speculator bets.</p><h3><br/><strong>Euro</strong></h3><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/EC_Extremes-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/EC_Extremes-01-09-2026.png"/></p><p>The Euro speculator position comes in third this week in the extreme standings. The EUR speculator level currently resides at a 91 percent score of its 3-year range.</p><p>The six-week trend for the speculator strength score came in at a gain of 26 percentage points this week. The overall speculator position was 162,812 net contracts this week with a boost by 5,347 contracts in the weekly speculator bets.</p><h3><br/><strong>MSCI EAFE MINI</strong></h3><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/EMI_Extremes-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/EMI_Extremes-01-09-2026.png"/></p><p>The MSCI EAFE MINI speculator position comes up number four in the extreme standings this week. The MSCI EAFE-Mini speculator level is at a 89 percent score of its 3-year range.</p><p>The six-week trend for the speculator strength score totaled a rise of 6 percentage points while the overall speculator position was 11,483 net contracts this week with a weekly drop of -4,757 contracts in the speculator bets.</p><h3><br/><strong>Copper</strong></h3><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/HG_Extremes-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/HG_Extremes-01-09-2026.png"/></p><p>The Copper speculator position rounds out the top five in this week’s bullish extreme standings. The Copper speculator level sits at a 87 percent score of its 3-year range with the six-week trend for the speculator strength score gaining by 13 percentage points this week.</p><p>The overall speculator position was 57,858 net contracts this week with a decline of -1,981 contracts in the weekly speculator bets.</p><h2><br/><strong>The Most Bearish Speculator Positions of the Week:</strong></h2><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/Extreme-Bearish-Speculators-Table-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/Extreme-Bearish-Speculators-Table-01-09-2026.png"/></p><h3><br/><strong>WTI Crude Oil</strong></h3><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/CL_Extremes-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/CL_Extremes-01-09-2026.png"/></p><p>The WTI Crude Oil speculator position comes in as the most bearish extreme standing this week. The WTI Crude speculator level is at just a 6 percent score of its 3-year range.</p><p>The six-week trend for the speculator strength score was an edge higher by 1 percentage point this week. The overall speculator position totaled 57,352 net contracts this week with a change of -7,239 contracts in the speculator bets.</p><h3><br/><strong>Cocoa Futures</strong></h3><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/CC_Extremes-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/CC_Extremes-01-09-2026.png"/></p><p>The Cocoa Futures speculator position comes in next for the most bearish extreme standing on the week with the Cocoa speculator level sitting at a 10 percent score of its 3-year range.</p><p>The six-week trend for the speculator strength score was 10 percentage points this week and the speculator position was 3,230 net contracts this week with a small gain of 72 contracts in the weekly speculator bets.</p><h3><br/><strong>Sugar</strong></h3><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/SB_Extremes-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/SB_Extremes-01-09-2026.png"/></p><p>The Sugar speculator position comes in as third most bearish extreme standing of the week. The Sugar speculator level also resides at an approximate 10 percent score of its 3-year range.</p><p>The six-week trend for the speculator strength score was an increase by 8 percentage points this week while the overall speculator position was -154,098 net contracts this week with a drop of -16,276 contracts in the speculator bets.</p><h3><br/><strong>Natural Gas</strong></h3><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/NG_Extremes-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/NG_Extremes-01-09-2026.png"/></p><p>The Natural Gas speculator position comes in as this week’s fourth most bearish extreme standing as the speculator standing leveled at a 12 percent score of its 3-year range.</p><p>The six-week trend for the speculator strength score was -21 percentage points this week. The speculator position totaled -165,559 net contracts this week with a decline of -10,665 contracts in the weekly speculator bets.</p><h3><br/><strong>Soybean Oil</strong></h3><p><img height="660" src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/BO_Extremes-01-09-2026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="720" original-src="https://imageproxy.pbkrs.com/https://investmacro.com/wp-content/uploads/2026/01/BO_Extremes-01-09-2026.png"/></p><p>The Soybean Oil speculator position comes in as the fifth most bearish extreme standing for this week. The Soybean Oil speculator level is at a 14 percent score of its 3-year range.</p><p>The six-week trend for the speculator strength score was a drop by -28 percentage points this week. The speculator position was -51,163 net contracts this week with a rise of 9,277 contracts in the weekly speculator bets.</p><hr/><p><em>More By This Author:</em></p><p>Speculator Extremes: Sugar, VIX, 5-Yr Bond &amp; WTI Crude Lead Bearish Positions<br/>Australian Dollar Speculator Bets Rebound After Dropping To Over 1-Year Low<br/>Mexican Peso Speculator Bets Rise To 1-Year High, Euro &amp; Yen Bets Advance</p></div></div>

<p>The latest Commitment of Traders report reveals extreme speculator positions for various commodities. Palladium and Steel lead with bullish positions at 97% of their 3-year range, while WTI Crude Oil is the most bearish at just 6%. Other notable positions include Euro (91% bullish), MSCI EAFE MINI (89% bullish), and Copper (87% bullish). Cocoa and Sugar also show bearish extremes at 10%, with Natural Gas at 12% and Soybean Oil at 14%. These extreme positions may indicate potential market movements.</p>

Speculator Extremes: Palladium, Steel, WTI Crude & Sugar Lead Bullish & Bearish Positions