FX.co ★ Speculators Trim Bearish Aluminium Bets as CFTC Net Shorts Narrow in Early February

Speculative sentiment in the U.S. aluminium market showed a mild improvement as traders reduced their net short exposure, according to the latest data on CFTC Aluminium speculative net positions. As of 06 February 2026, net positions stood at -2.9K contracts, compared with -3.6K previously.

The shift indicates that while speculative traders remain net short, the bearish stance has eased somewhat, suggesting cautious repositioning rather than a decisive turn in outlook. The moderation in net shorts may reflect changing expectations around aluminium demand, supply conditions, or broader macroeconomic factors influencing industrial metals. Investors will be watching upcoming data and market signals closely to see whether this move develops into a more sustained rebalancing of positions in the weeks ahead.