The above-mentioned "futures" and "futures and options" position reports can be divided into "short format" and "long format". The "short" format divides open contracts into reportable and non-reportable. Reportable positions include "commercial" and "non-commercial", arbitrage, increase or decrease compared with the previous report, the proportion of various positions, the number of dealers, etc. The "detail" format increases the concentration of positions (4 and 8 largest traders) on the basis of the former.

1- Non-commercial position. Generally speaking, non-commercial positions are fund positions. In today's international commodity futures market, capital can be said to be the main force to promote the market, and gold is no exception. In addition to the huge scale of funds, the fund has a strong grasp of market trends and is good at using various themes for speculation. Moreover, their operation methods are very fierce and decisive, which can often obviously aggravate the fluctuation range of the market.

2- Business position. It is generally believed that commercial positions are related to gold mines and spot traders and tend to hedge. But in fact, when it comes to commercial positions, it involves the hidden problem of funds participating in commodity trading. In this round of commodity bull market since 2003, the fund activities related to commodity index have exceeded the scale of traditional funds such as CTA fund, hedge fund and macro fund. However, the existing CFTC position data regards the index fund hedging in the futures market as a commercial hedging behavior, which belongs to the category of commercial positions. In addition, the commodity investment of index funds is only long and not short, and needs to be sold and hedged in the futures market.

3- Total positions (reportable positions). In non-commercial positions, both multiple orders and empty orders refer to net positions. For example, if a trader holds more than 2,000 lots and 65,438+0,000 empty lots at the same time, his net long position of 65,438+0,000 lots will be classified as "long position" and his two-way position of 65,438+0,000 lots will be classified as "spread". Therefore, the long position of this total position = non-commercial multiple orders+arbitrage+commercial multiple orders; Short = non-commercial short+arbitrage+commercial short.

4- Unreported positions. The so-called unreported positions refer to positions that are "not worth reporting", that is, scattered small-scale speculators. The number of long positions in non-reporting positions is equal to the number of open contracts minus the number of multiple orders in reportable positions, and the number of short positions is equal to the number of open contracts minus the number of empty orders in reportable positions.

5, 6, 7- long, short and arbitrage. As mentioned above, long and short positions in non-commercial positions refer to net positions, while commercial positions and small-scale speculative positions refer to the number of unilateral positions.

8- Contract unit. A contract for Comex gold futures, that is, the quantity of the first hand is 100 ounce. Comex gold futures are traded in the current month, the next two calendar months and all February, April, August and 10 months within 23 months, and all June and 12 months within 60 months. The minimum price fluctuation is 0. 10 USD/oz, that is, 10 USD/lot. The last trading day of this contract is the third trading day before the last working day of each month. The delivery cycle is from the first working day to the last working day of the delivery month. Grade and quality requirements: the purity is not less than 99.5%.

9- The number of open contracts is the accumulation of open positions of all futures contracts, which is a sign of the activity and liquidity of the futures market. Simply put, if a new buyer deals with a new seller, the number of open contracts will increase accordingly. If a trader who already holds a long or short position trades with another new trader who wants to hold a long or short position, the number of open contracts remains the same. If a trader who holds a long or short position hedges with another trader who tries to close the original position, the number of open contracts will be reduced accordingly. Judging from the data of the past two years, when the number of open contracts reaches 400,000-420,000 lots, it often means that there is some pressure on the funds, but how it may affect the trend of gold prices needs to be analyzed in detail.

10, 1 1,12-changes compared with last week's data; Percentage of various positions in the number of open contracts; Number of dealers in each category.