Entities with exposure to the underlying physical market for the commodity which use the futures market to hedge the risks associated with such exposure. “Commercial” participants. Examples would include oil exploration and drilling firms, specialist commodity trading firms with physical exposures, producers, exporters/importers, coffee roasters, cocoa processors, sugar refiners, food and confectionary manufacturers, millers, crushers or utility companies who consume oil to generate power.

Entities dealing primarily in “swap” or other Over The Counter (“OTC”) transactions in the commodity in question and who use the futures market to hedge this exposure. Examples would include investment banks and other complex financial institutions

Entities managing futures trading on behalf of clients; investment firms. Examples include hedge funds, pension funds, registered US commodity trading advisors or commodity pool operators.

Every other reportable trader. Examples would include proprietary (multi-asset) trading houses, algorithmic traders and local traders.

This is a balancing figure and consists of the total reportable long, short and spreading positions subtracted from the overall open interest figure for the commodity.