The latest Commitment of Traders (CoT) report from the ICE platform, released this morning, indicates that investment funds have continued to increase their net long positions (the difference between long and short positions) for the second consecutive week.

According to market data as of last Friday, net long positions rose significantly by a further 6.7 million allowances compared with the previous week, bringing the total to 41.44 million allowances—the highest level in six weeks.

The data also indicate that speculative traders reduced their long positions by 1.9 million allowances, bringing the total to 68.99 million, the lowest level since late August. Meanwhile, short positions fell even more sharply, dropping by 8.6 million allowances to 27.5 million—the lowest level since mid-February.

Funds typically reduce positions on both sides when uncertainty rises and macro signals become unclear, reflecting declining market conviction as participants prioritize risk reduction over establishing new directional bets.