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Speculative positioning in U.S. aluminium futures has slipped back to virtually flat, with the latest CFTC data showing net positions at -0.0K, down from a modest net long of 0.4K. The shift, based on figures updated on 01 May 2026, suggests traders have pulled back from making directional bets on the metal.
The move from a small positive to a neutral reading indicates that speculative interest is now more evenly balanced between bullish and bearish views. This flattening in net positions may reflect increased uncertainty over aluminium’s demand outlook, production costs, or broader macroeconomic conditions, leaving market participants reluctant to commit strongly in either direction.
