The Commitments of Traders (COT Report) has several key terms you need to understand before you can read the report. The key terms are, Open Interest, Reportable Positions, Commercial and Non-commercial Traders, Non-reportable Positions, Spreading, Changes in Commitments from Previous Reports, Percent of Open Interest, Number of Traders, Old and Other Futures, Concentration Ratios, and Supplemental Report.
Non-reportable Positions – The long and short open interest shown as “Non-reportable Positions,” which is derived by subtracting total long and short “Reportable Positions” from the total open interest.
(Non-reportable Positions = Total Long and Short Reportable Positions? – Total Open Interest)
In addition, for “Nonreportable Positions,” the number of traders involved and the commercial/non-commercial classification of each trader is unknown.
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