FX.co ★ Short Covering Emerges in U.S. Aluminium Futures as CFTC Net Shorts Narrow

Speculative sentiment in U.S. aluminium futures showed a modest improvement, with net positions becoming less negative in the latest report from the Commodity Futures Trading Commission (CFTC). As of 20 February 2026, speculative net positions in aluminium stood at -2.7K, compared with -3.2K previously.

The shift indicates a degree of short covering or fresh long interest entering the market, as bearish bets eased slightly. While positioning remains in net short territory, the move suggests that some traders may be reassessing downside expectations for aluminium prices or responding to changing macro or commodity-market conditions. Market participants will be watching upcoming data closely to see whether this nascent adjustment in positioning develops into a more sustained turn in sentiment.