FX.co ★ Speculative Bearishness in U.S. Aluminium Futures Deepens as Net Shorts Edge Lower

Speculative positioning in U.S. aluminium futures turned slightly more bearish in the latest reporting period, with CFTC data showing net positions slipping further into negative territory. As of 30 January 2026, speculative net positions in aluminium stood at -3.6K, compared with -3.4K previously.

The modest increase in net short exposure suggests that traders and funds have become incrementally more cautious on aluminium, adding to bearish bets rather than paring them back. While the move is relatively small, it confirms a continuation of negative sentiment in the market, potentially reflecting ongoing concerns around demand, supply dynamics, or broader macroeconomic conditions.

Market participants will be watching upcoming data and price action closely to see whether this growing net short position marks the start of a more pronounced downtrend in speculative appetite for aluminium, or merely a brief adjustment within a broader trading range.