Observing recent market trends, commercial positions are at high levels (red) while large speculators' holdings are noticeably weaker (blue) during frequent periods. This contrast is quite interesting — although in absolute terms, the position sizes are relatively moderate and not particularly aggressive, the trend itself is worth paying attention to.

More importantly, from the overall trend of the COT (Commitments of Traders) report, this pattern of commercial longs versus speculative shorts has already formed. Commercial participants are usually more rational and have stronger risk hedging needs; they are actively building positions now. In contrast, large speculators are reducing their holdings or even turning bearish.

This kind of dislocation often indicates a divergence in market sentiment — institutions are positioning, but retail investor sentiment has yet to catch up. The subsequent market development will be very interesting to watch.