Group 1: Price Performance - London Gold's latest price is 4456.45, with a change of -108.10 [1] - London Silver's latest price is 67.29, with a change of -5.88 [1] - London Platinum's latest price is 1950.00, with a change of 58.00 [1] - London Palladium's latest price is 1434.00, with a change of 41.00 [1] - WTI Crude's latest price is 94.48, with a change of 4.16 [1] - LME Copper's latest price is 12201.00, with a change of -28.00 [1] Group 2: Trading Data - COMEX Silver's latest inventory is 10218.98, with a change of -9.13 [2] - SHFE Silver's latest inventory is 370.30, with a change of -5.79 [2] - Gold ETF's latest holding is 1052.70, with a change of 0.28 [2] - Silver ETF's latest holding is 15409.46, with a change of -104.21 [2] - SGE Silver's latest inventory is 371.99, with a change of 0.00 [2] - SGE Gold's latest deferred fee payment direction is 1, with a change of 0.00 [2] - SGE Silver's latest deferred fee payment direction is 2, with a change of 0.00 [2] Group 3: Other Data - US Dollar Index's latest value is 99.92, with a change of 0.28 [11] - EUR/USD's latest value is 1.15, with a change of -0.00 [11] - GBP/USD's latest value is 1.33, with a change of -0.00 [11] - USD/JPY's latest value is 159.75, with a change of 0.28 [11] - US 10 - year TIPS's latest value is 2.02, with a change of 0.00 [11]

Group 1: Price Performance - London Gold's latest price is 4564.55 with a change of 151.00 [1] - London Silver's latest price is 73.17 with a change of 3.20 [1] - London Platinum's latest price is 1892.00 with a change of -1.00 [1] - London Palladium's latest price is 1393.00 with a change of -55.00 [1] - WTI Crude's latest price is 90.32 with a change of -2.03 [1] - LME Copper's latest price is 12229.00 with a change of 204.50 [1] - The latest value of the US Dollar Index is 99.63 [1] - The latest exchange rate of Euro to US Dollar is 1.16 [1] - The latest exchange rate of British Pound to US Dollar is 1.34 [1] - The latest exchange rate of US Dollar to Japanese Yen is 159.47 [1] - The latest value of the US 10 - year TIPS is 2.06 [1] Group 2: Trading Data - COMEX Silver's latest inventory is 10228.11 with a change of -81.19 [2] - SHFE Silver's latest inventory is 376.09 with a change of 10.17 [2] - Gold ETF's latest holding is 1052.42 with a change of -0.57 [2] - Silver ETF's latest holding is 15513.67 with no change [2] - SGE Silver's latest inventory is 371.99 with no change [2] - SGE Silver's latest deferred fee payment direction is 1 with no change [2] - SGE Gold's latest deferred fee payment direction is 2 with no change [2] Group 3: Other Changes - There are changes of 0.40, -0.00, -0.00, 0.75, 0.00 (not clearly specified for which items) [13]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 4466.25, 67.23, 1978.00, 1434.00, 88.13, and 11742.50 respectively, with changes of -96.30, -5.14, 43.00, -4.00, -10.10, and -409.50 [1] Group 2: Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 10329.17, 364.55, and 371.99 respectively, with changes of -18.81, 2.05, and 0.00 [2] - The latest holdings of Gold ETF and Silver ETF are 1052.70 and 15513.67 respectively, with changes of -4.29 and 264.76 [2] - The latest deferred fee payment directions of SGE Silver and SGE Gold are both 2, with no changes [2] Group 3: Other Market Data - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.16, 1.16, 1.34, 158.43, and 2.01 respectively, with changes of -0.35, 0.00, 0.01, -0.81, and 0.00 [14]

Price Performance - Latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are presented, but specific values are in a placeholder format [3] - Latest prices of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are given, with the British Pound to US Dollar at 1.33 and US 10 - year TIPS at 1.83. The change in the British Pound to US Dollar is - 0.01 [3] Trading Data - COMEX silver inventory is 10422.02 with a change of - 87.62; Shanghai Futures Exchange silver inventory is 346.92 with a change of - 6.84; Shanghai Gold Exchange silver inventory is 445.04 with no change [4] - Gold ETF and silver ETF holdings are presented in placeholder formats, and the deferred fee payment directions of Shanghai Gold Exchange silver and gold are also in placeholder formats [4] Precious Metal Ratio - The report mentions precious metal ratio, but no specific content is provided [5]

Group 1: Price Performance - London Gold latest price is 5130.10, change is -52.30 [1] - London Silver latest price is 87.03, change is 0.80 [1] - London Platinum latest price is 2205.00, change is -18.00 [1] - London Palladium latest price is 1655.00, change is -21.00 [1] - WTI Crude latest price is 95.73, change is 8.48 [1] - LME Copper latest price is 12998.00, change is -45.50 [1] - US Dollar Index latest is 99.74, change is 0.48 [1] - Euro to US Dollar latest is 1.15, change is -0.01 [1] - British Pound to US Dollar latest is 1.33, change is -0.01 [1] - US Dollar to Japanese Yen latest is 159.36, change is 0.40 [1] - US 10 - year TIPS latest is 1.85, change is 0.00 [1] Group 2: Trading Data - COMEX Silver inventory latest is 10709.70, change is -6.75 [2] - SHFE Silver inventory latest is 309.97, change is 58.11 [2] - Gold ETF holdings latest is 1075.85, change is -1.43 [2] - Silver ETF holdings latest is 15539.06, change is 0.00 [2] - SGE Silver inventory latest is 458.19, change is 0.00 [2] - SGE Gold deferred fee payment direction latest is 2, change is 1.00 [2] - SGE Silver deferred fee payment direction latest is 2, change is 0.00 [2] Group 3: Precious Metal Ratio - There is a mention of precious metal ratio but no specific content [3]

Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are $5313.90, $94.62, $2366.00, $1793.00, $71.23, and $13145.00 respectively. The price of LME Copper decreased by $251.00, while the prices of other varieties remained unchanged [3]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 98.55, 1.17, 1.34, 157.35, and 1.76 respectively, with no changes [3]. Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 11121.53, 307.48, and 450.45 respectively. The inventory of SHFE Silver decreased by 1.96, while the inventories of COMEX Silver and SGE Silver remained unchanged [4]. - The latest holdings of Gold ETF and Silver ETF are 1101.33 and 15981.38 respectively. The holding of Silver ETF increased by 79.14, while the holding of Gold ETF remained unchanged [4]. - The latest deferred - fee payment directions of SGE Silver and SGE Gold are 1 and 2 respectively, with no changes [4].

Core Insights - The oil market in 2025 is characterized by fluctuating supply and demand, alongside geopolitical factors, leading to price volatility and false breakouts, resulting in the longest losing streak for Commodity Trading Advisors (CTAs) in history [1] - Algorithmic traders have recorded losses for three consecutive years in the oil market, with 2026 presenting a potential turning point amid ongoing geopolitical tensions [1] - The trading environment for CTAs has been challenging due to erratic trade policies and conflicts in the Middle East, making it difficult to capture market trends [3] Group 1: Performance of CTAs - In 2025, CTAs experienced losses in oil trading for most of the year, with only a brief period of profitability at the end of the previous year [3] - Approximately 80% of trading weeks in 2025 saw CTAs adjusting their U.S. crude oil positions, with stability only observed in the fourth quarter when consensus on oversupply emerged [3] - Despite a challenging year, some systematic trading strategies achieved profitability in Brent crude oil and refined product spread trading [5] Group 2: Market Dynamics - The market has been oscillating between increased global supply and various positive factors, including geopolitical tensions and weather disruptions [4] - Recent shifts in CTA positions from net short to net long indicate a potential new bullish trend, although geopolitical volatility continues to pose challenges [4] - The average daily trading volume of CTAs in WTI crude oil near-month contracts is expected to rise to 35% in 2026, compared to 15% to 25% in 2025 [4] Group 3: Strategic Shifts - Some traders are pivoting towards metals and other commodities, seeking new opportunities amid the underperformance of oil [7] - The significant increase in diesel spread trading activity is projected to enhance CTA engagement in this contract by approximately 56% in 2026 [7] - The focus on systematic metal trading projects is aimed at diversifying portfolios and capitalizing on new market opportunities [7]

Core Insights - The article discusses the challenges faced by Commodity Trading Advisors (CTAs) in 2025, highlighting their longest consecutive annual losses due to market volatility and geopolitical tensions [1][4]. Group 1: Market Conditions - In 2025, CTAs experienced losses in crude oil trading for most of the year, with only a brief period of profitability at the end of the previous year when market consensus on oversupply emerged [4]. - The volatility in oil prices was exacerbated by geopolitical risks, particularly the U.S. threats against Iran, which complicated the market environment for participants holding physical oil [4]. - Approximately 80% of trading weeks in 2025 saw CTAs adjusting their U.S. crude oil positions, with stability only observed in a few weeks during the fourth quarter when production levels rose [4]. Group 2: Trading Strategies and Performance - Recent market focus has shifted between global supply increases and various positive factors, including U.S.-Iran tensions and winter storms, prompting CTAs to reassess their trading strategies [5]. - Despite a recent shift from net short to net long positions by CTAs, the overall performance remained slightly negative since January 2025 due to recurring geopolitical challenges [5]. - Some systematic trading strategies found success in Brent crude oil and product spread trading, with a notable increase in activity in diesel spread trading expected to rise by approximately 56% in 2026 [6]. Group 3: Future Outlook - The proportion of CTAs in the average daily trading volume of WTI crude oil contracts is projected to increase to 35% by 2026, up from 15% to 25% in 2025, indicating a potential recovery in trading activity [5]. - Some traders are shifting focus to commodities outside of energy, with plans to launch systematic metal trading projects to diversify portfolios and capitalize on new opportunities [7].

Price Performance - London Gold's latest price is $5405.00, with a change of $98.05 [1] - London Silver's latest price is $118.45, with a change of $5.65 [1] - London Platinum's latest price is $2671.00, with a change of $21.00 [1] - London Palladium's latest price is $2014.00, with a change of $34.00 [1] - WTI Crude's latest price is $63.21, with no change [1] - LME Copper's latest price is $13913.50, with a change of $727.50 [1] - The latest dollar index is 96.16, with a change of -0.19 [1] - The latest euro - to - dollar exchange rate is 1.20, with no change [1] - The latest pound - to - dollar exchange rate is 1.38, with no change [1] - The latest dollar - to - yen exchange rate is 153.15, with a change of -0.16 [1] - The latest yield of US 10 - year TIPS is 1.90, with no change [1] Trading Data - COMEX silver inventory is 12698.10, with a change of -106.72 [1] - SHFE silver inventory is 482.01, with a change of -26.36 [1] - Gold ETF holdings are 1086.53, with a change of -3.43 [1] - Silver ETF holdings are 15523.36, with a change of -112.76 [1] - SGE silver inventory is 612.09, with no change [1] - The SGE gold deferred - fee payment direction has a change of 1.00 [1] - The SGE silver deferred - fee payment direction has no change [1]

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price Performance - Latest prices: London Gold at $4866.50, London Silver at $94.86, London Platinum at $2400.00, London Palladium at $1867.00, WTI Crude at $60.62, LME Copper at $12906.50, Dollar Index at 98.77, Euro to US Dollar at 1.17, Pound to US Dollar at 1.34, US Dollar to Japanese Yen at 158.32, US 10 - year TIPS at 1.97 [1] - Price changes: London Gold up $118.70, London Silver down $0.84, London Platinum up $32.00, London Palladium up $54.00, WTI Crude up $0.26, LME Copper down $22.00, Dollar Index up 0.23, Euro to US Dollar unchanged, Pound to US Dollar unchanged, US Dollar to Japanese Yen up 0.18, US 10 - year TIPS unchanged [1] Trading Data - Latest data: COMEX Silver inventory at 13135.42, SHFE Silver inventory at 600.78, Gold ETF holdings at 1077.66, Silver ETF holdings at 16222.48, SGE Silver inventory at 773.63, SGE Gold deferred fee payment direction at 2, SGE Silver deferred fee payment direction at 2 [1] - Changes: COMEX Silver inventory down 129.48, SHFE Silver inventory down 17.80, Gold ETF holdings down 4.00, Silver ETF holdings unchanged, SGE Silver inventory unchanged, SGE Gold deferred fee payment direction up 1.00, SGE Silver deferred fee payment direction unchanged [1] Others - The above chart data sources are Bloomberg, Yong'an Yuandian Information, and Wind [2]