COT Silver Report - February 13, 2026

The latest Commitment of Traders (COT) Silver Report for February 13, 2026, reveals significant shifts in market positioning that could signal important trends for precious metals investors. Large speculators have reduced their long positions in silver futures, decreasing by 2,223 contracts to 36,660, while commercials have slightly increased their long positions by 2,047 contracts to 37,295.

The data indicates a nuanced market environment, with total open interest declining by 9,539 contracts to 133,641. This reduction suggests growing caution among market participants, potentially reflecting underlying economic uncertainties or strategic repositioning in the precious metals complex.

Critically, the commercial sector maintains a substantial short position of 79,458 contracts, which historically represents a hedging strategy that can provide insights into market expectations. The net positioning suggests that while speculative interest might be waning, institutional players remain actively engaged in managing silver market exposure.

Small speculators have also reduced their participation, with long positions declining by 2,626 contracts to 29,843. This coordinated reduction across different trader categories could signal a potential consolidation phase in the silver market, with investors awaiting clearer directional signals.

Looking forward, investors should monitor industrial demand drivers, particularly in emerging technologies like renewable energy and advanced electronics, which continue to underpin silver's strategic importance. The current COT data suggests a period of market recalibration rather than a definitive trend reversal.