The Hedgers' Ledger — 2026-06-13

The board dated 2026-06-09 runs six markets at positioning highs against two at lows, a lopsided ledger that leans heavily to the long side of the hedger book. Platinum and Brent Crude Oil set fresh records within their three-year windows — one at the top, one at the bottom — which is itself worth marking. Bitcoin enters the tally for the first time, though the extreme there belongs to leveraged funds, a speculative cohort, not the commercial hedgers who anchor most of this report. When six markets crowd the upper rail of their ranges and only two sit at the lower, the tape is telling you something about where the weight of conviction has settled; the prudent reader notes it and waits to see whether price confirms the position.

Market	Side	Percentile	New
Platinum	▲ HIGH	100th
Brent Crude Oil	▼ LOW	1st
Coffee (Arabica)	▲ HIGH	99th
WTI Crude Oil	▲ HIGH	99th
Bitcoin	▲ HIGH	97th	New
Copper	▼ LOW	3rd
10-Year U.S. T-Note	▲ HIGH	96th
British Pound	▲ HIGH	96th

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Platinum — commercials at a 3-year HIGH (fresh record)

Producer/Merchant Net sits at the 100th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. That is a fresh record for the window. Net: -12,284 contracts (as of 2026-06-09).

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Brent Crude Oil — commercials at a 3-year LOW (fresh record)

Producer/Merchant Net sits at the 1st percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net sellers. That is a fresh record for the window. Net: -44,512 contracts (as of 2026-06-09).

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Coffee (Arabica) — commercials at a 3-year HIGH

Producer/Merchant Net sits at the 99th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. Net: -9,308 contracts (as of 2026-06-09).

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WTI Crude Oil — commercials at a 3-year HIGH

Producer/Merchant Net sits at the 99th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. Net: +365,942 contracts (as of 2026-06-09).

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Bitcoin — leveraged funds at a 3-year HIGH

Leveraged Funds Net sits at the 97th percentile of its ~3-year range — the leveraged funds (the fast, speculative money) have been heavy net buyers. Net: -5,995 contracts (as of 2026-06-09). New this week.

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Copper — commercials at a 3-year LOW

Producer/Merchant Net sits at the 3rd percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net sellers. Net: -109,260 contracts (as of 2026-06-09).

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10-Year U.S. T-Note — commercials at a 3-year HIGH

Commercial Net sits at the 96th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. Net: +864,695 contracts (as of 2026-06-09).

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British Pound — commercials at a 3-year HIGH

Commercial Net sits at the 96th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. Net: +75,870 contracts (as of 2026-06-09).