Platinum COT Report
Live CFTC Commitments of Traders positioning for Platinum futures — commercial hedgers versus managed money. Latest report: July 28, 2026.
By RetailVest Researchsourced from CFTCupdated
Positioning signal
extreme_short
Large specs at extreme short position — contrarian bullish
Z-score (vs 3yr)
-1.55
3.8th percentile
Open interest
53,658
-63 WoW
In plain English
Speculators lean bearish on Platinum, though not at a full extreme. Worth watching to see whether the pessimism deepens into a contrarian opportunity.
Who's positioned where
Commercials (hedgers)
-16,151
net · 18,198 long / 34,349 short
Managed money (specs)
+11,635
net · 21,071 long / 9,436 short
Commercial net — last 6 months
What this means for Platinum
The CFTC's weekly report splits Platinum futures positions into — producers and users hedging real exposure — and , the speculators taking the other side. Commercials are net short here, while specs are net long. Research on hedging pressure finds that when commercial hedgers are unusually net-short, it has historically preceded positive returns — so the (currently -1.55) matters more than the raw number.Platinum ultimately trades on auto-catalyst demand and South African supply, and positioning is one input among those fundamentals.
Educational analysis, not investment advice. Positioning is descriptive and can stay extreme for long stretches.
Trade Platinum without futures — ETF proxies
Liquid ETFs that track Platinum. Same idea, no margin account required.
Leveraged/inverse ETFs (amber) reset daily and decay over time — for short holds only. Not investment advice.
Other COT reports
New to this? Read how to read the COT report or see the evidence behind hedging-pressure.