Commodity futures positioning is showing growing divergence beneath the surface. Precious metals continue to trade near record highs despite limited follow-through from speculative positioning, while copper’s strong recovery is beginning to show early signs of fatigue. At the same time, WTI crude oil positioning is quietly improving, hinting at a potential shift in sentiment after a prolonged period of long liquidation. This report reviews managed fund and large speculator positioning across key commodity markets. There is a notable divergence between positioning in key metals and their underlying markets. Silver and ... (full story)