The Futures Trading Commission (CFTC) publishes the position report of American exchanges every Friday. Many netizens don't quite understand the content of this report. Here we explain:

1, speculative multiple orders, empty orders: the original text is (non-reported positions: not worth reporting), which generally refers to relatively small and scattered positions, which we translate as "speculative positions".

2. Multi-single empty single fund: the original text is (non-commercial), which is generally considered as a fund position in the industry (multi-single: long; ; Empty order: short).

3, commercial multiple orders, empty orders: the original text is (commercial: commercial), general positions are related to spot merchants, and there is a hedging tendency (multiple orders: long positions; ; Empty order: short).

4. The position data are unilateral, and the fund data are net positions. Total position-speculative position-commercial position-capital position = capital spread.

5. Unless otherwise specified, the position data and analysis do not involve the position of options.