The latest Commitment of Traders (CoT) report from the ICE platform, released on Wednesday morning, indicates that investment funds significantly increased their net long positions—the difference between long and short positions. This increase in net long exposure points to improving investor sentiment and suggests that speculative traders are becoming more optimistic about future price prospects.

According to market data as of 29 May, net long positions increased by 12.19 million allowances, or 31.18% compared with the previous week, bringing the total to 51.28 million allowances, the highest level since early March.

The data also indicate that speculative traders increased their long positions by 9.5 million allowances, bringing the total to 71.68 million allowances. Meanwhile, short positions fell by 2.67 million allowances to 20.4 million allowances—the lowest level in years.

The decline in short positions to their lowest level in years is particularly noteworthy, as it signals reduced expectations of price declines and a growing willingness among market participants to maintain bullish exposure.