Nat gas +2.96% and sugar +3.62%; silver, PGMs and copper fall

Cross-section

All 23 markets

Market	Last	1d	1w	Net (MM)	z 52w
Energy
WTI Crude Oil	84.18	+0.02%	+3.61%	79,916	+0.76
Brent Crude Oil	90.98	-0.13%	+4.57%	7,084	-0.97
RBOB Gasoline	3.01	—	—	69,851	+0.38
Heating Oil (ULSD)	4.33	+0.00%	+0.00%	13,574	-0.32
Natural Gas	2.78	+2.96%	+1.09%	-110,630	-1.18
Precious Metals
Gold	4,411.17	+0.12%	+0.87%	137,662	+1.07
Silver	63.79	-2.77%	-1.79%	11,158	-0.58
Platinum	1,717.50	-2.87%	-0.94%	7,718	-0.67
Palladium	1,293.00	-2.94%	-2.38%	-4,947	-0.99
Base Metals
Copper	6.47	-1.99%	-1.82%	79,027	+1.61
Grains
Corn	4.88	—	—	125,875	+0.69
Wheat (SRW)	6.77	—	—	-33,400	+0.61
Wheat (HRW)	7.57	—	—	25,606	+1.11
Soybeans	12.15	—	—	109,109	-0.06
Soybean Oil	0.70	-2.56%	+1.37%	79,284	+0.35
Soybean Meal	318.10	+1.92%	+2.65%	73,690	+0.73
Softs
Sugar No. 11	0.17	+3.62%	+3.92%	43,584	+3.51
Coffee C	3.32	—	—	32,433	+0.06
Cocoa	5,924.00	-1.99%	+4.89%	-6,667	-0.08
Cotton No. 2	0.85	—	—	66,780	+1.74
Livestock
Live Cattle	2.19	—	—	65,949	-2.43
Feeder Cattle	3.34	—	—	10,902	-1.39
Lean Hogs	0.81	-1.22%	-15.45%	-24,363	-1.50

Net position is managed money longs minus shorts, in contracts; a positive number is a net long. Net positions are as of the 11 Aug report; prices are the 18 Aug close.

Energy

Energy was firmer, 2 of 4 higher.

WTI was little changed at 84.18 (+0.02%) and Brent slipped 0.13% to 90.98 while natural gas rose 2.96% to 2.78 and heating oil was flat at 4.33; managed money cut WTI nets by 7042 to 79916 and added 16303 to the natural gas short at -110630, with headlines on products over crude and Iraq’s export-route mechanism.

Energy — session change

Natural Gas covered a heavily short net short.

Energy — positioning, 52-week z

WTI Crude Oil — price and positioning

Brent Crude Oil — price and positioning

RBOB Gasoline — price and positioning

Heating Oil (ULSD) — price and positioning

Natural Gas — price and positioning

Headlines

• Fesharaki: Oil’s Real Story Lies in Products, Not Crude Bloomberg Markets

• India’s oil import bill soars 57% in April-July as crude surges - Moneycontrol.com Moneycontrol IN (via GN)

• Iraq approves 3-month mechanism to diversify crude export routes - Arab News PK Google News GCC Pubs

Precious Metals

Precious Metals were softer, 3 of 4 lower.

Gold edged up 0.12% to 4411.17 as silver fell 2.77% to 63.79, platinum 2.87% to 1717.5 and palladium 2.94% to 1293.0; managed money added 6896 to gold nets at 137662 and cut platinum by 3242 to 7718.

Precious Metals — session change

Gold added to a extended net long.

Precious Metals — positioning, 52-week z

Gold — price and positioning

Silver — price and positioning

Platinum — price and positioning

Palladium — price and positioning

Headlines

• Gold prices fall VnExpress EN

• Gold prices rise marginally VnExpress EN

• Fed Rate Outlook: CPI, Oil Prices and Iran Risk Shape Market Expectations - equiti.com Google News US

Base Metals

Base Metals were softer, 1 of 1 lower.

Copper fell 1.99% to 6.4725 (−1.82% on the week) even as managed money raised nets by 3269 to 79027, with headlines focused on China property pressure and a BHP-linked copper bonanza.

Base Metals — session change

Copper added to a extended net long.

Base Metals — positioning, 52-week z

Copper — price and positioning

Headlines

• Copper Price Forecast: China Property Slump Puts $6 Support in Focus - FXEmpire Google News CN Trade

• ‘Copper is the engine’: Red metal bonanza fuels BHP’s dividends Sydney Morning Herald Business

• Chinese Coking Coal Futures Soar as Shanxi Supply Crunch Worsens Bloomberg Markets

Grains

Grains were mixed, 1 of 2 higher.

Soybean oil dropped 2.56% to 0.6961 while soybean meal rose 1.92% to 318.1; managed money cut corn nets by 18946 to 125875, soybeans by 23415 to 109109, SRW wheat by 8530 to -33400 and HRW by 5890 to 25606.

Grains — session change

Wheat (HRW) trimmed a extended net long.

Grains — positioning, 52-week z

Corn — price and positioning

Wheat (SRW) — price and positioning

Wheat (HRW) — price and positioning

Soybeans — price and positioning

Soybean Oil — price and positioning

Soybean Meal — price and positioning

Headlines

• EQT Takes Majority Stake in Melbourne Storm Rugby League Club Bloomberg Markets

• <a href="https://www.thedailystar.net/business/organisation-news/news/hsbc-bangladesh-launches-export-excellence-awards-2026-4251161" hreflang="en">HSBC Bangladesh launches Export Excellence Awards 2026</a> Daily Star BD

• <a href="https://www.thedailystar.net/business/news/hsbc-bangladesh-launches-2026-edition-export-excellence-awards-4250676" hreflang="en">HSBC Bangladesh launches 2026 edition of Export Excellence Awards</a> Daily Star BD

Softs

Softs were mixed, 1 of 2 higher.

Sugar No. 11 jumped 3.62% to 0.1748 and cocoa fell 1.99% to 5924.0 as headlines flagged India weighing duty-free sugar imports and raw sugar at a 14-month high on global supply concerns; managed money sugar nets rose 130772 to 43584.

Softs — session change

Sugar No. 11 flipped net long; Cotton No. 2 added to a extended net long.

Softs — positioning, 52-week z

Sugar No. 11 — price and positioning

Coffee C — price and positioning

Cocoa — price and positioning

Cotton No. 2 — price and positioning

Headlines

• <a href="https://www.thedailystar.net/business/global-economy/news/india-weighs-duty-free-sugar-imports-curb-record-prices-4251126" hreflang="en">India weighs duty-free sugar imports to curb record prices</a> Daily Star BD

• India Says Monsoon Crop Sowing Caught Up After July Rains Bloomberg Markets

• Raw Sugar Advances to 14-Month High on Global Supply Concerns Bloomberg Markets

Livestock

Livestock was softer, 1 of 1 lower.

Lean hogs fell 1.22% to 0.80725 and were down 15.45% on the week, with managed money nets at -24363 after a 5184 increase in the short; live cattle last was 2.1915 and feeder cattle 3.33825.

Livestock — session change

Live Cattle added to a washed out net long; Feeder Cattle added to a heavily short net long; Lean Hogs added to a heavily short net short.

Livestock — positioning, 52-week z

Live Cattle — price and positioning

Feeder Cattle — price and positioning

Lean Hogs — price and positioning

Headlines

• Gold prices fall VnExpress EN

• Gold prices rise marginally VnExpress EN

• <a href="https://www.thedailystar.net/business/global-economy/news/india-weighs-duty-free-sugar-imports-curb-record-prices-4251126" hreflang="en">India weighs duty-free sugar imports to curb record prices</a> Daily Star BD

Positioning

Books against the session

Managed-money net position expressed as a z-score over 52 weeks, against the session price change. Live cross-section.

Notes

Prices are the 18 Aug close. This note is written before the US open and carries no overnight session: moves in Asian and European hours after that close are not reflected above.

Positioning is the CFTC Commitments of Traders (Disaggregated) report for 11 Aug, futures only. The Base Metals section covers copper alone — it is the only base metal in this universe with a daily price.

Price sources: EIA via FRED, LBMA, Yahoo Finance. Live commodities dashboard.

Contract rolls. A continuous front-month series is two different contracts either side of a roll, and the change across that seam measures the calendar spread rather than the tape.

RBOB Gasoline: the two closes belong to two different contracts (RBU26.NYM then RBV26.NYM) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Corn: the two closes belong to two different contracts (ZCU26.CBT then ZCZ26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Wheat (SRW): the two closes belong to two different contracts (ZWU26.CBT then ZWZ26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Wheat (HRW): the two closes belong to two different contracts (KEU26.CBT then KEZ26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Soybeans: the two closes belong to two different contracts (ZSU26.CBT then ZSX26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Coffee C: the two closes belong to two different contracts (KCU26.NYB then KCZ26.NYB) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Cotton No. 2: the two closes belong to two different contracts (CTV26.NYB then CTZ26.NYB) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Live Cattle: the two closes belong to two different contracts (LEQ26.CME then LEV26.CME) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Feeder Cattle: the two closes belong to two different contracts (GFQ26.CME then GFU26.CME) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

RoboMacro Research.