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Commodities Report: Deleveraging accelerates during precious-metal rout; IMM dollar short more than doubles- Insights from Saxo Bank
Saxo Bank’s weekly Commitment of Traders update for the week ending 3 February 2026 shows that speculators significantly increased their dollar shorts across eight IMM currency futures, taking the gross short to USD 17.4 billion, a six-month high. Net buying was broad based, led by a 24% rise in the euro net long to 163,361 contracts (about USD 4.6 billion) and notable increases in JPY, CAD and AUD positions. The Japanese yen saw attention after Prime Minister Sanae Takaichi’s ruling party won a super majority in the lower house, briefly strengthening the currency and moving USDJPY away from a potential intervention zone near 160, while trader positioning on the yen remains small and indecisive.
Managed-money accounts accelerated deleveraging amid historic volatility in commodities, cutting gold net longs by 23% to 93,438 contracts and trimming silver net longs by 38% to a 23-month low of 4,491 contracts, with platinum reduced toward neutral. Precious metals, soft commodities and natural gas led weekly losses, while speculative length rose markedly in crude oil and refined products, lifting combined Brent and WTI net longs to a six-month high of 341.3k contracts. Grains saw modest buying, coffee and sugar experienced heavy selling, and livestock remained the most favored agricultural sector with speculator net longs valued around USD 19 billion.
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