Palladium COT Report — Net Positioning
Palladium futures · NYMEX · CFTC contract code 075651
Latest positioning
Week ending 8 September 2026 · added 593 on the week · open interest 16,773 (+276)
Net speculative position — last 52 weeks
The current reading sits in the 71th percentile of its 3-year range — over the past 3 years, the net position has been lower than it is now 71% of the time. A high reading means the position is crowded by its own historical standards; it is context, not a forecast.
All three cohorts
| Category | Net position | Week change |
|---|---|---|
| Large speculatorsFunds and managed money | -3,712 | +593 |
| CommercialsProducers, users and banks hedging physical exposure | +2,832 | -481 |
| Small tradersBelow the CFTC reporting threshold | +880 | — |
The three cohorts net to zero between them — every long has a short on the other side. Commercials being heavily short is normal for a produced commodity and is not a bearish view; it is a hedge against inventory they already own.
Weekly history
| Week ending | Specs net | Open interest |
|---|---|---|
| 8 Sep 2026 | -3,712 | 16,773 |
| 1 Sep 2026 | -4,305 | 16,497 |
| 25 Aug 2026 | -4,824 | 17,496 |
| 18 Aug 2026 | -4,398 | 18,366 |
| 11 Aug 2026 | -3,916 | 18,194 |
| 4 Aug 2026 | -4,335 | 18,574 |
| 28 Jul 2026 | -4,767 | 18,699 |
| 21 Jul 2026 | -5,003 | 18,440 |
| 14 Jul 2026 | -4,889 | 18,578 |
| 7 Jul 2026 | -4,658 | 17,854 |
| 30 Jun 2026 | -4,324 | 17,847 |
| 23 Jun 2026 | -3,256 | 17,149 |
| 16 Jun 2026 | -2,803 | 17,011 |
| 9 Jun 2026 | -2,964 | 17,455 |
| 2 Jun 2026 | -2,006 | 16,284 |
| 26 May 2026 | -2,890 | 16,692 |
| 19 May 2026 | -2,497 | 17,259 |
| 12 May 2026 | -1,915 | 17,419 |
| 5 May 2026 | -1,476 | 15,985 |
| 28 Apr 2026 | -1,464 | 15,794 |
| 21 Apr 2026 | -985 | 14,921 |
| 14 Apr 2026 | -1,053 | 14,648 |
| 7 Apr 2026 | -1,393 | 15,187 |
| 31 Mar 2026 | -1,050 | 15,220 |
| 24 Mar 2026 | -1,242 | 15,069 |
| 17 Mar 2026 | -185 | 15,556 |
| 10 Mar 2026 | -156 | 15,679 |
| 3 Mar 2026 | +161 | 16,093 |
| 24 Feb 2026 | +664 | 16,423 |
| 17 Feb 2026 | +492 | 16,789 |
| 10 Feb 2026 | +513 | 16,538 |
| 3 Feb 2026 | +1,133 | 17,304 |
| 27 Jan 2026 | +684 | 19,123 |
| 20 Jan 2026 | +888 | 19,167 |
| 13 Jan 2026 | +1,225 | 19,483 |
| 6 Jan 2026 | +579 | 19,349 |
| 30 Dec 2025 | -571 | 20,593 |
| 23 Dec 2025 | +122 | 22,709 |
| 16 Dec 2025 | +978 | 22,061 |
| 9 Dec 2025 | -18 | 20,773 |
| 2 Dec 2025 | -198 | 19,913 |
| 25 Nov 2025 | -497 | 19,054 |
| 18 Nov 2025 | -563 | 21,274 |
| 10 Nov 2025 | -881 | 20,626 |
| 4 Nov 2025 | -903 | 19,711 |
| 28 Oct 2025 | -1,424 | 19,580 |
| 21 Oct 2025 | -962 | 19,487 |
| 14 Oct 2025 | -1,013 | 21,673 |
| 7 Oct 2025 | -2,893 | 22,771 |
| 30 Sep 2025 | -3,085 | 21,678 |
| 23 Sep 2025 | -3,840 | 20,282 |
| 16 Sep 2025 | -4,012 | 19,860 |
Source: CFTC Commitments of Traders (Legacy, futures only) — a US government work, public domain. Positions are measured Tuesday and published the following Friday at about 15:30 ET, so this report is always at least three days behind the market. Positioning describes how traders are placed; it is not a forecast.