SILVER - COMMODITY EXCHANGE INC.                                                                              
Commitments of Traders with Delta-adjusted Options and Futures Combined, January 25, 2005                
-------------------------------------------------------------------------------------------------------------------
     :   Total  :                        Reportable Positions                                :   Nonreportable
     :----------------------------------------------------------------------------------------     Positions
     :   Open   :           Non-Commercial       :     Commercial      :       Total         :
     : Interest :   Long   :  Short   : Spreading:   Long   :  Short   :   Long   :  Short   :   Long   :  Short
-------------------------------------------------------------------------------------------------------------------
     :          : (CONTRACTS OF 5,000 TROY OUNCES)                                           :
     :          :                                                                            :
All  :   121,984:    40,835     10,196     21,344     23,572     78,636     85,751    110,176:    36,233     11,807
Old  :   121,984:    40,835     10,196     21,344     23,572     78,636     85,751    110,176:    36,233     11,807
Other:         0:         0          0          0          0          0          0          0:         0          0
     :          :                                                                            :
     :          :          Changes in Commitments from: January 18, 2005                     :
     :    -1,285:    -1,364      1,009        185     -1,518     -2,900     -2,697     -1,707:     1,412        422
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:      33.5        8.4       17.5       19.3       64.5       70.3       90.3:      29.7        9.7
Old  :     100.0:      33.5        8.4       17.5       19.3       64.5       70.3       90.3:      29.7        9.7
Other:     100.0:       0.0        0.0        0.0        0.0        0.0        0.0        0.0:       0.0        0.0
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :       171:        98         26         49         26         41        140        102:
Old  :       171:        98         26         49         26         41        140        102:
Other:         0:         0          0          0          0          0          0          0:
     :----------------------------------------------------------------------------------------------------
     :             Percent of Open Interest Held by the Indicated Number of the Largest Traders
     :                          By Gross Position                       By Net Position
     :               4 or Less Traders     8 or Less Traders     4 or Less Traders     8 or Less Traders
     :                 Long:     Short       Long      Short:      Long      Short       Long      Short
     :----------------------------------------------------------------------------------------------------
All  :                 15.7       27.6       23.8       41.6       13.5       25.9       19.3       38.0
Old  :                 15.7       27.6       23.8       41.6       13.5       25.9       19.3       38.0
Other:                  0.0        0.0        0.0        0.0        0.0        0.0        0.0        0.0
 
COPPER-GRADE #1 - COMMODITY EXCHANGE INC.                                                                     
Commitments of Traders with Delta-adjusted Options and Futures Combined, January 25, 2005                
-------------------------------------------------------------------------------------------------------------------
     :   Total  :                        Reportable Positions                                :   Nonreportable
     :----------------------------------------------------------------------------------------     Positions
     :   Open   :           Non-Commercial       :     Commercial      :       Total         :
     : Interest :   Long   :  Short   : Spreading:   Long   :  Short   :   Long   :  Short   :   Long   :  Short
-------------------------------------------------------------------------------------------------------------------
     :          : (CONTRACTS OF 25,000 POUNDS)                                               :
     :          :                                                                            :
All  :    91,878:    27,671      6,043     16,197     33,472     61,453     77,340     83,693:    14,538      8,185
Old  :    91,878:    27,671      6,043     16,197     33,472     61,453     77,340     83,693:    14,538      8,185
Other:         0:         0          0          0          0          0          0          0:         0          0
     :          :                                                                            :
     :          :          Changes in Commitments from: January 18, 2005                     :
     :     6,436:     4,017      1,395      2,393       -827      2,241      5,583      6,029:       853        407
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:      30.1        6.6       17.6       36.4       66.9       84.2       91.1:      15.8        8.9
Old  :     100.0:      30.1        6.6       17.6       36.4       66.9       84.2       91.1:      15.8        8.9
Other:     100.0:       0.0        0.0        0.0        0.0        0.0        0.0        0.0:       0.0        0.0
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :       148:        61         36         37         36         38        117         96:
Old  :       148:        61         36         37         36         38        117         96:
Other:         0:         0          0          0          0          0          0          0:
     :----------------------------------------------------------------------------------------------------
     :             Percent of Open Interest Held by the Indicated Number of the Largest Traders
     :                          By Gross Position                       By Net Position
     :               4 or Less Traders     8 or Less Traders     4 or Less Traders     8 or Less Traders
     :                 Long:     Short       Long      Short:      Long      Short       Long      Short
     :----------------------------------------------------------------------------------------------------
All  :                 23.2       46.7       35.3       60.2       20.3       42.3       31.1       52.4
Old  :                 23.2       46.7       35.3       60.2       20.3       42.3       31.1       52.4
Other:                  0.0        0.0        0.0        0.0        0.0        0.0        0.0        0.0
 
GOLD - COMMODITY EXCHANGE INC.                                                                                
Commitments of Traders with Delta-adjusted Options and Futures Combined, January 25, 2005                
-------------------------------------------------------------------------------------------------------------------
     :   Total  :                        Reportable Positions                                :   Nonreportable
     :----------------------------------------------------------------------------------------     Positions
     :   Open   :           Non-Commercial       :     Commercial      :       Total         :
     : Interest :   Long   :  Short   : Spreading:   Long   :  Short   :   Long   :  Short   :   Long   :  Short
-------------------------------------------------------------------------------------------------------------------
     :          : (CONTRACTS OF 100 TROY OUNCES)                                             :
     :          :                                                                            :
All  :   390,696:   108,245     42,434     96,274    117,157    217,872    321,676    356,579:    69,020     34,118
Old  :   390,696:   108,245     42,434     96,274    117,157    217,872    321,676    356,579:    69,020     34,118
Other:         0:         0          0          0          0          0          0          0:         0          0
     :          :                                                                            :
     :          :          Changes in Commitments from: January 18, 2005                     :
     :    -3,806:      -596     -1,405     -1,699     -7,538     -8,901     -9,833    -12,005:     6,027      8,199
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:      27.7       10.9       24.6       30.0       55.8       82.3       91.3:      17.7        8.7
Old  :     100.0:      27.7       10.9       24.6       30.0       55.8       82.3       91.3:      17.7        8.7
Other:     100.0:       0.0        0.0        0.0        0.0        0.0        0.0        0.0:       0.0        0.0
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :       233:       128         48         79         36         37        199        141:
Old  :       233:       128         48         79         36         37        199        141:
Other:         0:         0          0          0          0          0          0          0:
     :----------------------------------------------------------------------------------------------------
     :             Percent of Open Interest Held by the Indicated Number of the Largest Traders
     :                          By Gross Position                       By Net Position
     :               4 or Less Traders     8 or Less Traders     4 or Less Traders     8 or Less Traders
     :                 Long:     Short       Long      Short:      Long      Short       Long      Short
     :----------------------------------------------------------------------------------------------------
All  :                 22.8       26.6       33.2       43.6       14.3       20.8       18.8       30.9
Old  :                 22.8       26.6       33.2       43.6       14.3       20.8       18.8       30.9
Other:                  0.0        0.0        0.0        0.0        0.0        0.0        0.0        0.0
 
 

Updated January 28, 2005