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Summary Energy Agriculture Soft Commodities Financials Metals Livestock
             
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Energy: Open Interest (in thousands)
energy: open interest
Open Interest Change from Last
1/31/2012 Month Year
Crude Oil Futures 1399.9 up 74.3 down -99.7
Futures & Options 2320.6 up 78.6 down -309.8
Natural Gas Futures 1203.3 up 203.1 up 366.8
Futures & Options 1245.2 up 219.9 up 337.2
Heating Oil Futures 274.9 down -2.2 down -39.6
Futures & Options 303.9 up 1.9 down -98.0
RBOB Gasoline Futures 325.4 up 50.3 up 42.5
Futures & Options 339.8 up 55.8 up 26.0
Agriculture: Open Interest (in thousands)
agriculture: open interest
Open Interest Change from Last
1/31/2012 Month Year
Corn Futures 1235.5 up 81.6 down -388.2
Futures & Options 1676.8 up 117.8 down -704.4
Wheat Futures 469.2 up 88.3 down -66.8
Futures & Options 550.0 up 98.6 down -119.8
Soybeans Futures 500.6 up 20.6 down -149.5
Futures & Options 684.6 up 44.7 down -250.6
Soybean Oil Futures 326.3 up 35.9 down -58.3
Futures & Options 376.3 up 42.1 down -90.4
Soft Commodities: Open Interest (in thousands)
soft commodities: open interest
Open Interest Change from Last
1/31/2012 Month Year
Sugar Futures 666.7 up 121.9 up 47.6
Futures & Options 844.8 up 115.1 down -172.8
Coffee Futures 124.4 up 20.3 down -12.5
Futures & Options 173.7 up 30.1 down -29.8
Cocoa Futures 168.6 up 0.8 up 17.5
Futures & Options 192.7 up 0.3 up 18.8
Cotton Futures 172.7 up 21.3 down -33.8
Futures & Options 236.8 up 30.3 down -146.8
Financials: Open Interest (in thousands)
financials: open interest
Open Interest Change from Last
1/31/2012 Month Year
Three Month EuroDollars Futures 8056.1 up 589.0 up 123.0
Futures & Options 13624.7 up 2086.4 up 806.6
Euro FX Futures 305.3 up 29.3 up 105.6
Futures & Options 355.6 up 36.8 up 101.4
Ten Year Treasury Notes Futures 1763.9 up 288.0 up 393.1
Futures & Options 2018.8 up 364.3 up 319.1
S&P 500 Stock Index Futures 253.3 up 10.6 down -54.7
Futures & Options 320.9 up 29.1 down -52.5
Metals: Open Interest (in thousands)
metals: open interest
Open Interest Change from Last
1/31/2012 Month Year
Gold Futures 425.1 up 6.2 down -80.9
Futures & Options 660.9 up 36.7 down -74.8
Silver Futures 101.7 down -2.2 down -23.5
Futures & Options 144.5 up 5.9 down -29.8
Copper Futures 151.8 up 34.6 down -4.0
Futures & Options 152.1 up 34.8 down -4.1
Platinum Futures 45.0 up 2.1 up 3.0
Futures & Options 47.2 up 3.2 up 4.4
Livestock: Open Interest (in thousands)
livestock: open interest
Open Interest Change from Last
1/31/2012 Month Year
Live Cattle Futures 339.2 up 22.8 down -19.2
Futures & Options 433.0 up 36.7 down -23.1
Lean Hogs Futures 248.5 up 11.9 up 19.7
Futures & Options 296.1 up 15.0 up 40.3

This Month in Futures Markets

January 2012

 

Wednesday, February 08, 2012

OCE, Commodity Futures Trading Commission

Disclaimer: This report is based on the Commitments of Traders (COT) report released on February 3, 2012.  Up to date COT reports can be accessed at  http://www.cftc.gov/MarketReports/CommitmentsOfTraders/Index.htm

For each commodity, the COT reports provide information on the size and the direction of the positions taken, across all maturities, by three categories of futures traders. These three trader categories are called “commercials", "non-commercials”, and “non-reportables”. Commercial traders are those who use futures or option contracts in a given commodity for hedging purposes, as defined in CFTC regulations. Commercial traders hold positions in both the underlying commodity and in the futures (or options) contracts on that commodity. By contrast, non-commercial traders do not own the underlying asset or its financial equivalent; they hold only positions in futures (or options) contracts. Finally, non-reportable positions are those held by traders who do not meet the reporting thresholds set by the CFTC (usually small traders).

Futures Markets:

Energy

NYMEX WTI Crude Oil futures open interest increased 5.6 percent in January. Commercial participants, who accounted for 48.0 percent of open interest, held net short positions; they decreased their long positions by 1.8 percent and increased their short positions by 3.7 percent. Non-commercial participants, who accounted for 46.9 percent of open interest, held net long positions. They increased their long positions by 11.6 percent and increased their short positions by 9.8 percent. Non-reportable participants, who accounted for 5.0 percent of total open interest, held net long positions; they increased their long positions by 9.3 percent and decreased their short positions by 7.8 percent.

NYMEX Henry Hub Natural Gas futures open interest increased 20.3 percent in January. Commercial participants, who accounted for 32.8 percent of open interest, held net long positions; they increased their long positions by 7.9 percent and increased their short positions by 24.6 percent. Non-commercial participants, who accounted for 62.4 percent of open interest, held net short positions. They increased their long positions by 32.9 percent and increased their short positions by 20.2 percent. Non-reportable participants, who accounted for 4.8 percent of total open interest, held net long positions; they increased their long positions by 0.1 percent and decreased their short positions by 2.5 percent.

NYMEX Heating Oil futures open interest fell 0.8 percent in January. Commercial participants, who accounted for 62.1 percent of open interest, held net short positions; they decreased their long positions by 9.8 percent and increased their short positions by 3.1 percent. Non-commercial participants, who accounted for 26.0 percent of open interest, held net long positions. They increased their long positions by 13.1 percent and decreased their short positions by 2.1 percent. Non-reportable participants, who accounted for 11.9 percent of total open interest, held net long positions; they increased their long positions by 11.4 percent and decreased their short positions by 23.8 percent.

NYMEX RBOB Gasoline futures open interest increased 18.3 percent in January. Commercial participants, who accounted for 65.4 percent of open interest, held net short positions; they increased their long positions by 10.4 percent and increased their short positions by 23.8 percent. Non-commercial participants, who accounted for 28.9 percent of open interest, held net long positions. They increased their long positions by 29.8 percent and increased their short positions by 4.4 percent. Non-reportable participants, who accounted for 5.7 percent of total open interest, held net long positions; they increased their long positions by 16.6 percent and decreased their short positions by 14.0 percent.

Agriculture

CBOT Corn futures open interest increased 7.1 percent in January. Commercial participants, who accounted for 50.8 percent of open interest, held net short positions; they changed their long positions by less then 0.1 percent and increased their short positions by 7.0 percent. Non-commercial participants, who accounted for 34.4 percent of open interest, held net long positions. They increased their long positions by 20.5 percent and increased their short positions by 11.5 percent. Non-reportable participants, who accounted for 14.8 percent of total open interest, held net short positions; they decreased their long positions by 6.3 percent and increased their short positions by 1.8 percent.

CBOT Wheat futures open interest increased 23.2 percent in January. Commercial participants, who accounted for 48.8 percent of open interest, held net long positions; they increased their long positions by 19.0 percent and increased their short positions by 28.6 percent. Non-commercial participants, who accounted for 41.4 percent of open interest, held net short positions. They increased their long positions by 33.6 percent and increased their short positions by 23.3 percent. Non-reportable participants, who accounted for 9.8 percent of total open interest, held net short positions; they increased their long positions by 9.6 percent and increased their short positions by 7.4 percent.

CBOT Soybeans futures open interest increased 4.3 percent in January. Commercial participants, who accounted for 52.6 percent of open interest, held net short positions; they decreased their long positions by 1.3 percent and increased their short positions by 5.8 percent. Non-commercial participants, who accounted for 35.3 percent of open interest, held net long positions. They increased their long positions by 16.7 percent and increased their short positions by 2.0 percent. Non-reportable participants, who accounted for 12.1 percent of total open interest, held net short positions; they decreased their long positions by 11.1 percent and increased their short positions by 3.5 percent.

CBOT Soybean Oil futures open interest increased 12.4 percent in January. Commercial participants, who accounted for 54.2 percent of open interest, held net long positions; they increased their long positions by 14.0 percent and increased their short positions by 8.5 percent. Non-commercial participants, who accounted for 36.8 percent of open interest, held net short positions. They increased their long positions by 15.2 percent and increased their short positions by 20.1 percent. Non-reportable participants, who accounted for 9.0 percent of total open interest, held net short positions; they decreased their long positions by 6.6 percent and increased their short positions by 4.9 percent.

Soft Commodities

ICE Futures U.S. Sugar futures open interest increased 22.4 percent in January. Commercial participants, who accounted for 62.4 percent of open interest, held net short positions; they increased their long positions by 19.2 percent and increased their short positions by 31.4 percent. Non-commercial participants, who accounted for 26.9 percent of open interest, held net long positions. They increased their long positions by 31.2 percent and increased their short positions by 7.4 percent. Non-reportable participants, who accounted for 10.7 percent of total open interest, held net short positions; they increased their long positions by 14.6 percent and increased their short positions by 5.8 percent.

ICE Futures U.S. Coffee futures open interest increased 19.5 percent in January. Commercial participants, who accounted for 55.5 percent of open interest, held net short positions; they increased their long positions by 5.6 percent and increased their short positions by 17.5 percent. Non-commercial participants, who accounted for 37.9 percent of open interest, held net long positions. They increased their long positions by 40.4 percent and increased their short positions by 22.0 percent. Non-reportable participants, who accounted for 6.6 percent of total open interest, held net short positions; they increased their long positions by 36.1 percent and increased their short positions by 23.8 percent.

ICE Futures U.S. Cocoa futures open interest increased 0.5 percent in January. Commercial participants, who accounted for 64.1 percent of open interest, held net long positions; they increased their long positions by 3.0 percent and increased their short positions by 9.9 percent. Non-commercial participants, who accounted for 29.3 percent of open interest, held net short positions. They decreased their long positions by 7.3 percent and decreased their short positions by 15.5 percent. Non-reportable participants, who accounted for 6.6 percent of total open interest, held net short positions; they increased their long positions by 15.0 percent and increased their short positions by 4.3 percent.

ICE Futures U.S. Cotton futures open interest increased 14.1 percent in January. Commercial participants, who accounted for 60.1 percent of open interest, held net short positions; they increased their long positions by 11.1 percent and increased their short positions by 37.2 percent. Non-commercial participants, who accounted for 31.7 percent of open interest, held net long positions. They increased their long positions by 16.9 percent and decreased their short positions by 16.2 percent. Non-reportable participants, who accounted for 8.2 percent of total open interest, held net long positions; they increased their long positions by 21.6 percent and decreased their short positions by 12.7 percent.

Financials

CME 3-month Eurodollars futures open interest increased 7.9 percent in January. Commercial participants, who accounted for 61.3 percent of open interest, held net short positions; they decreased their long positions by 3.0 percent and increased their short positions by 17.2 percent. Non-commercial participants, who accounted for 27.7 percent of open interest, held net long positions. They increased their long positions by 33.2 percent and decreased their short positions by 3.5 percent. Non-reportable participants, who accounted for 11.0 percent of total open interest, held net short positions; they increased their long positions by 24.1 percent and decreased their short positions by 6.8 percent.

CME Euro-FX futures open interest increased 10.6 percent in January. Commercial participants, who accounted for 48.2 percent of open interest, held net long positions; they increased their long positions by 17.0 percent and increased their short positions by 15.7 percent. Non-commercial participants, who accounted for 37.0 percent of open interest, held net short positions. They decreased their long positions by 25.8 percent and increased their short positions by 10.2 percent. Non-reportable participants, who accounted for 14.8 percent of total open interest, held net short positions; they increased their long positions by 25.2 percent and increased their short positions by 7.5 percent.

CBOT 10-year Treasury Notes futures open interest increased 19.5 percent in January. Commercial participants, who accounted for 68.0 percent of open interest, held net long positions; they increased their long positions by 25.1 percent and increased their short positions by 20.0 percent. Non-commercial participants, who accounted for 14.6 percent of open interest, held net short positions. They increased their long positions by 9.7 percent and increased their short positions by 21.3 percent. Non-reportable participants, who accounted for 17.4 percent of total open interest, held net short positions; they increased their long positions by 6.7 percent and increased their short positions by 16.5 percent.

CME S&P 500 futures open interest increased 4.4 percent in January. Commercial participants, who accounted for 70.2 percent of open interest, held net short positions; they increased their long positions by 11.7 percent and increased their short positions by 19.9 percent. Non-commercial participants, who accounted for 6.9 percent of open interest, held net short positions. They decreased their long positions by 61.8 percent and decreased their short positions by 3.0 percent. Non-reportable participants, who accounted for 22.9 percent of total open interest, held net long positions; they increased their long positions by 19.3 percent and decreased their short positions by 35.2 percent.

Metals

NYMEX Gold futures open interest increased 1.5 percent in January. Commercial participants, who accounted for 59.4 percent of open interest, held net short positions; they decreased their long positions by 9.2 percent and increased their short positions by 9.5 percent. Non-commercial participants, who accounted for 31.6 percent of open interest, held net long positions. They increased their long positions by 10.5 percent and decreased their short positions by 28.7 percent. Non-reportable participants, who accounted for 9.0 percent of total open interest, held net long positions; they increased their long positions by 0.3 percent and decreased their short positions by 21.5 percent.

NYMEX Silver futures open interest fell 2.2 percent in January. Commercial participants, who accounted for 47.2 percent of open interest, held net short positions; they decreased their long positions by 18.3 percent and increased their short positions by 12.8 percent. Non-commercial participants, who accounted for 37.9 percent of open interest, held net long positions. They increased their long positions by 13.2 percent and decreased their short positions by 18.6 percent. Non-reportable participants, who accounted for 14.9 percent of total open interest, held net long positions; they decreased their long positions by 1.5 percent and decreased their short positions by 20.5 percent.

NYMEX Copper futures open interest increased 29.6 percent in January. Commercial participants, who accounted for 51.3 percent of open interest, held net short positions; they increased their long positions by 14.9 percent and increased their short positions by 38.1 percent. Non-commercial participants, who accounted for 38.7 percent of open interest, held net long positions. They increased their long positions by 52.8 percent and increased their short positions by 30.5 percent. Non-reportable participants, who accounted for 10.1 percent of total open interest, held net short positions; they increased their long positions by 35.6 percent and decreased their short positions by 1.2 percent.

NYMEX Platinum futures open interest increased 4.9 percent in January. Commercial participants, who accounted for 48.4 percent of open interest, held net short positions; they increased their long positions by 0.5 percent and increased their short positions by 28.2 percent. Non-commercial participants, who accounted for 41.6 percent of open interest, held net long positions. They increased their long positions by 6.2 percent and decreased their short positions by 42.4 percent. Non-reportable participants, who accounted for 10.1 percent of total open interest, held net long positions; they increased their long positions by 3.6 percent and decreased their short positions by 37.3 percent.

Livestock

CME Live Cattle futures open interest increased 7.2 percent in January. Commercial participants, who accounted for 45.6 percent of open interest, held net short positions; they decreased their long positions by 2.9 percent and increased their short positions by 2.9 percent. Non-commercial participants, who accounted for 40.9 percent of open interest, held net long positions. They increased their long positions by 15.6 percent and increased their short positions by 9.9 percent. Non-reportable participants, who accounted for 13.5 percent of total open interest, held net short positions; they increased their long positions by 19.6 percent and increased their short positions by 14.7 percent.

CME Lean Hogs futures open interest increased 5.0 percent in January. Commercial participants, who accounted for 43.5 percent of open interest, held net short positions; they decreased their long positions by 0.6 percent and decreased their short positions by 3.7 percent. Non-commercial participants, who accounted for 44.2 percent of open interest, held net long positions. They increased their long positions by 11.7 percent and increased their short positions by 23.7 percent. Non-reportable participants, who accounted for 12.3 percent of total open interest, held net short positions; they increased their long positions by 0.3 percent and decreased their short positions by 7.9 percent.

Futures and Options Combined Markets:

Energy

NYMEX WTI Crude Oil futures and options (thereafter combined) open interest increased 3.5 percent in January. Commercial participants, who accounted for 52.5 percent of open interest, held net short positions; their long exposure was decreased by 0.4 percent and their short exposure was increased by 3.3 percent. Non-commercial participants, who accounted for 44.1 percent of open interest, held net long positions. Their long exposure was increased by 7.0 percent and their short exposure was increased by 4.8 percent. Non-reportable participants, who accounted for 3.4 percent of total open interest, held net long positions; their long exposure was increased by 9.4 percent and their short exposure was decreased by 9.1 percent.

NYMEX Henry Hub Natural Gas combined open interest increased 21.4 percent in January. Commercial participants, who accounted for 32.3 percent of open interest, held net long positions; their long exposure was increased by 8.3 percent and their short exposure was increased by 25.3 percent. Non-commercial participants, who accounted for 62.8 percent of open interest, held net short positions. Their long exposure was increased by 34.6 percent and their short exposure was increased by 21.5 percent. Non-reportable participants, who accounted for 4.9 percent of total open interest, held net long positions; their long exposure was increased by 0.5 percent and their short exposure was decreased by 0.6 percent.

NYMEX Heating Oil combined open interest increased 0.6 percent in January. Commercial participants, who accounted for 60.5 percent of open interest, held net short positions; their long exposure was decreased by 7.4 percent and their short exposure was increased by 4.0 percent. Non-commercial participants, who accounted for 28.4 percent of open interest, held net long positions. Their long exposure was increased by 12.2 percent and their short exposure was increased by 1.1 percent. Non-reportable participants, who accounted for 11.2 percent of total open interest, held net long positions; their long exposure was increased by 10.5 percent and their short exposure was decreased by 23.4 percent.

NYMEX RBOB Gasoline combined open interest increased 19.6 percent in January. Commercial participants, who accounted for 64.0 percent of open interest, held net short positions; their long exposure was increased by 11.7 percent and their short exposure was increased by 23.2 percent. Non-commercial participants, who accounted for 30.1 percent of open interest, held net long positions. Their long exposure was increased by 30.5 percent and their short exposure was increased by 13.0 percent. Non-reportable participants, who accounted for 5.9 percent of total open interest, held net long positions; their long exposure was increased by 19.7 percent and their short exposure was decreased by 8.1 percent.

Agriculture

CBOT Corn combined open interest increased 7.6 percent in January. Commercial participants, who accounted for 44.3 percent of open interest, held net short positions; their long exposure was increased by 1.5 percent and their short exposure was increased by 7.0 percent. Non-commercial participants, who accounted for 42.8 percent of open interest, held net long positions. Their long exposure was increased by 16.8 percent and their short exposure was increased by 11.2 percent. Non-reportable participants, who accounted for 12.9 percent of total open interest, held net short positions; their long exposure was decreased by 6.5 percent and their short exposure was increased by 1.6 percent.

CBOT Wheat combined open interest increased 21.8 percent in January. Commercial participants, who accounted for 45.6 percent of open interest, held net long positions; their long exposure was increased by 17.6 percent and their short exposure was increased by 27.7 percent. Non-commercial participants, who accounted for 45.2 percent of open interest, held net short positions. Their long exposure was increased by 29.9 percent and their short exposure was increased by 20.7 percent. Non-reportable participants, who accounted for 9.1 percent of total open interest, held net short positions; their long exposure was increased by 9.8 percent and their short exposure was increased by 8.8 percent.

CBOT Soybeans combined open interest increased 7.0 percent in January. Commercial participants, who accounted for 44.6 percent of open interest, held net short positions; their long exposure was increased by 1.8 percent and their short exposure was increased by 4.7 percent. Non-commercial participants, who accounted for 45.6 percent of open interest, held net long positions. Their long exposure was increased by 15.1 percent and their short exposure was increased by 10.4 percent. Non-reportable participants, who accounted for 9.7 percent of total open interest, held net short positions; their long exposure was decreased by 10.0 percent and their short exposure was increased by 4.6 percent.

CBOT Soybean Oil combined open interest increased 12.6 percent in January. Commercial participants, who accounted for 52.3 percent of open interest, held net long positions; their long exposure was increased by 14.2 percent and their short exposure was increased by 8.5 percent. Non-commercial participants, who accounted for 39.6 percent of open interest, held net short positions. Their long exposure was increased by 15.6 percent and their short exposure was increased by 20.5 percent. Non-reportable participants, who accounted for 8.0 percent of total open interest, held net short positions; their long exposure was decreased by 9.4 percent and their short exposure was increased by 3.0 percent.

Soft Commodities

ICE Futures U.S. Sugar combined open interest increased 15.8 percent in January. Commercial participants, who accounted for 56.9 percent of open interest, held net short positions; their long exposure was increased by 14.3 percent and their short exposure was increased by 25.8 percent. Non-commercial participants, who accounted for 33.8 percent of open interest, held net long positions. Their long exposure was increased by 18.4 percent and their short exposure was increased by 1.0 percent. Non-reportable participants, who accounted for 9.2 percent of total open interest, held net short positions; their long exposure was increased by 12.7 percent and their short exposure was increased by 6.0 percent.

ICE Futures U.S. Coffee combined open interest increased 21.0 percent in January. Commercial participants, who accounted for 48.7 percent of open interest, held net short positions; their long exposure was increased by 13.3 percent and their short exposure was increased by 19.2 percent. Non-commercial participants, who accounted for 46.2 percent of open interest, held net long positions. Their long exposure was increased by 28.5 percent and their short exposure was increased by 23.1 percent. Non-reportable participants, who accounted for 5.1 percent of total open interest, held net short positions; their long exposure was increased by 35.1 percent and their short exposure was increased by 19.8 percent.

ICE Futures U.S. Cocoa combined open interest increased 0.2 percent in January. Commercial participants, who accounted for 59.6 percent of open interest, held net long positions; their long exposure was increased by 3.3 percent and their short exposure was increased by 9.4 percent. Non-commercial participants, who accounted for 34.5 percent of open interest, held net short positions. Their long exposure was decreased by 6.6 percent and their short exposure was decreased by 12.4 percent. Non-reportable participants, who accounted for 6.0 percent of total open interest, held net short positions; their long exposure was increased by 10.6 percent and their short exposure was increased by 4.3 percent.

ICE Futures U.S. Cotton combined open interest increased 14.7 percent in January. Commercial participants, who accounted for 55.9 percent of open interest, held net short positions; their long exposure was increased by 15.3 percent and their short exposure was increased by 31.2 percent. Non-commercial participants, who accounted for 37.9 percent of open interest, held net long positions. Their long exposure was increased by 13.5 percent and their short exposure was decreased by 3.3 percent. Non-reportable participants, who accounted for 6.3 percent of total open interest, held net long positions; their long exposure was increased by 18.3 percent and their short exposure was decreased by 13.2 percent.

Financials

CME 3-month Eurodollars combined open interest increased 18.1 percent in January. Commercial participants, who accounted for 47.3 percent of open interest, held net short positions; their long exposure was increased by 2.3 percent and their short exposure was increased by 16.7 percent. Non-commercial participants, who accounted for 45.7 percent of open interest, held net long positions. Their long exposure was increased by 39.3 percent and their short exposure was increased by 24.9 percent. Non-reportable participants, who accounted for 7.0 percent of total open interest, held net short positions; their long exposure was increased by 22.5 percent and their short exposure was decreased by 6.9 percent.

CME Euro-FX combined open interest increased 11.6 percent in January. Commercial participants, who accounted for 45.0 percent of open interest, held net long positions; their long exposure was increased by 17.9 percent and their short exposure was increased by 18.1 percent. Non-commercial participants, who accounted for 40.6 percent of open interest, held net short positions. Their long exposure was decreased by 11.7 percent and their short exposure was increased by 10.0 percent. Non-reportable participants, who accounted for 14.4 percent of total open interest, held net short positions; their long exposure was increased by 24.6 percent and their short exposure was increased by 10.6 percent.

CBOT 10-year Treasury Notes combined open interest increased 22.0 percent in January. Commercial participants, who accounted for 65.7 percent of open interest, held net long positions; their long exposure was increased by 27.1 percent and their short exposure was increased by 23.4 percent. Non-commercial participants, who accounted for 18.1 percent of open interest, held net short positions. Their long exposure was increased by 17.0 percent and their short exposure was increased by 19.6 percent. Non-reportable participants, who accounted for 16.3 percent of total open interest, held net short positions; their long exposure was increased by 8.0 percent and their short exposure was increased by 19.6 percent.

CME S&P 500 combined open interest increased 10.0 percent in January. Commercial participants, who accounted for 67.1 percent of open interest, held net short positions; their long exposure was increased by 15.1 percent and their short exposure was increased by 21.3 percent. Non-commercial participants, who accounted for 13.3 percent of open interest, held net short positions. Their long exposure was decreased by 23.6 percent and their short exposure was increased by 20.6 percent. Non-reportable participants, who accounted for 19.6 percent of total open interest, held net long positions; their long exposure was increased by 20.8 percent and their short exposure was decreased by 31.4 percent.

Metals

NYMEX Gold combined open interest increased 5.9 percent in January. Commercial participants, who accounted for 52.8 percent of open interest, held net short positions; their long exposure was decreased by 5.2 percent and their short exposure was increased by 10.9 percent. Non-commercial participants, who accounted for 40.3 percent of open interest, held net long positions. Their long exposure was increased by 14.7 percent and their short exposure was decreased by 3.4 percent. Non-reportable participants, who accounted for 6.8 percent of total open interest, held net long positions; their long exposure was increased by 5.2 percent and their short exposure was decreased by 10.5 percent.

NYMEX Silver combined open interest increased 4.3 percent in January. Commercial participants, who accounted for 44.5 percent of open interest, held net short positions; their long exposure was decreased by 9.2 percent and their short exposure was increased by 12.3 percent. Non-commercial participants, who accounted for 43.1 percent of open interest, held net long positions. Their long exposure was increased by 14.4 percent and their short exposure was decreased by 2.4 percent. Non-reportable participants, who accounted for 12.4 percent of total open interest, held net long positions; their long exposure was increased by 7.2 percent and their short exposure was decreased by 11.4 percent.

NYMEX Copper combined open interest increased 29.7 percent in January. Commercial participants, who accounted for 51.2 percent of open interest, held net short positions; their long exposure was increased by 14.9 percent and their short exposure was increased by 38.1 percent. Non-commercial participants, who accounted for 38.6 percent of open interest, held net long positions. Their long exposure was increased by 52.8 percent and their short exposure was increased by 30.7 percent. Non-reportable participants, who accounted for 10.2 percent of total open interest, held net short positions; their long exposure was increased by 36.8 percent and their short exposure was decreased by 0.8 percent.

NYMEX Platinum combined open interest increased 7.3 percent in January. Commercial participants, who accounted for 49.5 percent of open interest, held net short positions; their long exposure was increased by 8.3 percent and their short exposure was increased by 30.1 percent. Non-commercial participants, who accounted for 40.8 percent of open interest, held net long positions. Their long exposure was increased by 7.7 percent and their short exposure was decreased by 39.9 percent. Non-reportable participants, who accounted for 9.7 percent of total open interest, held net long positions; their long exposure was increased by 4.4 percent and their short exposure was decreased by 36.4 percent.

Livestock

CME Lean Hogs combined open interest increased 5.3 percent in January. Commercial participants, who accounted for 41.1 percent of open interest, held net short positions; their long exposure was increased by 0.4 percent and their short exposure was decreased by 2.4 percent. Non-commercial participants, who accounted for 47.3 percent of open interest, held net long positions. Their long exposure was increased by 10.5 percent and their short exposure was increased by 20.7 percent. Non-reportable participants, who accounted for 11.6 percent of total open interest, held net short positions; their long exposure was decreased by 0.9 percent and their short exposure was decreased by 7.5 percent.

CME Live Cattle combined open interest increased 9.3 percent in January. Commercial participants, who accounted for 41.8 percent of open interest, held net short positions; their long exposure was decreased by 0.7 percent and their short exposure was increased by 5.9 percent. Non-commercial participants, who accounted for 46.0 percent of open interest, held net long positions. Their long exposure was increased by 15.8 percent and their short exposure was increased by 11.6 percent. Non-reportable participants, who accounted for 12.1 percent of total open interest, held net short positions; their long exposure was increased by 17.6 percent and their short exposure was increased by 14.1 percent.

Notes:

1.  Percentage changes are calculated using data representing last Tuesday of the previous month and last Tuesday of the current month.

2.  Percentages of open interest held by the commercial, non-commercial, and non-reportable traders reflect the averages of the percentages of long and short positions held by these groups of traders.

3. The share of Commercial, Non-Commercial, and Non-Reportable positions may not sum up to 100 due to rounding errors.

 

Net Position of Commercials, Non-commercials and Non-reportables (in thousands, net long:+, net short:-)
Futures-Only
Commercials Non-commercials Non-reportables

1/31/2012

Month Ago

1/31/2012

Month Ago

1/31/2012

Month Ago

Crude Oil -201.5 -163.4 170.7 144.6 30.8 18.8
Natural Gas 104.4 139.4 -126.9 -160.6 22.5 21.2
Heating Oil -44.0 -22.0 21.9 11.1 22.1 10.9
RBOB Gasoline -96.3 -61.8 83.9 54.9 12.5 6.9
Corn -100.1 -55.5 212.2 154.8 -112.1 -99.3
Wheat 64.7 66.6 -41.9 -44.7 -22.8 -21.9
Soybeans -19.0 -0.6 55.4 29.0 -36.4 -28.4
Soybean Oil 20.4 10.5 -14.6 -8.2 -5.7 -2.3
Sugar -72.7 -25.6 81.2 38.5 -8.5 -12.9
Coffee -7.1 0.2 8.6 1.6 -1.5 -1.8
Cocoa 3.1 9.5 -2.2 -7.6 -0.9 -1.9
Cotton -25.1 -2.6 24.0 6.1 1.1 -3.5
3-month Eurodollars -104.3 781.4 139.9 -512.0 -35.5 -269.3
Euro-FX 183.9 156.6 -157.5 -127.9 -26.4 -28.7
10-year Treasury Notes 84.0 27.6 -29.6 -3.0 -54.4 -24.6
S&P 500 -28.7 -13.8 -11.5 6.9 40.2 7.0
Gold -209.9 -163.9 171.4 130.8 38.5 33.1
Silver -28.7 -14.1 19.1 6.9 9.6 7.3
Copper -1.2 10.4 4.2 -3.6 -3.0 -6.8
Platinum -29.5 -21.5 25.0 18.6 4.5 2.9
Live Cattle -20.6 -11.5 54.8 42.4 -34.3 -30.9
Lean Hogs -10.8 -14.6 18.2 25.0 -7.4 -10.5
Net Position of Commercials, Non-commercials and Non-reportables (in thousands, net long:+, net short:-)
Futures and Futures-Equivalent Options Contracts
Commercials Non-commercials Non-reportables

1/31/2012

Month Ago

1/31/2012

Month Ago

1/31/2012

Month Ago

Crude Oil -276.5 -228.6 243.6 210.3 32.9 18.3
Natural Gas 103.0 138.9 -128.0 -163.2 25.0 24.3
Heating Oil -43.0 -22.1 20.5 10.8 22.4 11.2
RBOB Gasoline -95.2 -63.1 82.6 56.0 12.5 7.0
Corn -96.9 -54.9 215.3 158.1 -118.4 -103.2
Wheat 61.0 66.7 -36.9 -44.2 -24.1 -22.5
Soybeans -18.1 -9.1 56.6 38.5 -38.5 -29.5
Soybean Oil 16.7 6.0 -11.0 -4.1 -5.7 -1.9
Sugar -91.5 -38.1 101.8 51.9 -10.3 -13.8
Coffee -2.2 1.8 3.5 0.1 -1.3 -1.9
Cocoa 6.3 12.1 -5.3 -10.6 -1.0 -1.6
Cotton -30.0 -10.6 29.3 14.4 0.7 -3.8
3-month Eurodollars -42.2 736.3 82.2 -451.8 -40.0 -284.5
Euro-FX 186.4 158.1 -156.0 -126.9 -30.4 -31.1
10-year Treasury Notes 71.9 26.7 -11.2 -2.8 -60.7 -23.9
S&P 500 -29.0 -14.9 -11.0 8.7 40.0 6.2
Gold -228.1 -169.6 188.2 135.9 39.9 33.7
Silver -32.2 -18.5 21.5 11.0 10.7 7.5
Copper -1.3 10.3 4.1 -3.6 -2.8 -6.7
Platinum -30.0 -21.7 25.4 18.8 4.5 2.9
Live Cattle -43.3 -30.9 85.6 68.8 -42.4 -38.0
Lean Hogs -20.6 -24.3 31.5 38.1 -10.9 -13.8