COT Metals Charts: Speculators Palladium futures bets remain bearish for 8th week

October 15, 2021

By InvestMacro.com COT Home | Data Tables | Data Downloads | Newsletter

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday October 12th 2021 and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Highlighting this week’s COT Metals data is the Palladium speculator contracts which are now in their eighth straight week of bearish levels. Palladium has seen its fortunes fall in the second half of 2021 after a multi-year uptrend brought prices to all-time high levels in May of 2021. Palladium prices have now cooled off by approximately 30 percent since May and has prompted speculators to take on bearish positions (negative net contracts). Amazingly, when spec contracts went negative on August 24th, this marked the first negative net speculator position since February 25th of 2003, according to the CFTC data, a span of more than eighteen years.


Data Snapshot of Commodity Market Traders | Columns Legend
Oct-12-2021 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 2,231,227 48 404,776 41 -453,684 46 48,908 84
Gold 484,382 21 185,539 54 -207,614 46 22,075 33
Silver 139,403 6 17,987 40 -30,292 69 12,305 11
Copper 194,817 23 22,481 59 -25,867 42 3,386 45
Palladium 9,296 13 -2,496 4 2,625 95 -129 37
Platinum 59,344 21 10,919 18 -16,756 85 5,837 43
Natural Gas 1,314,022 40 -130,902 39 91,201 60 39,701 79
Brent 205,521 44 -34,924 57 29,563 37 5,361 82
Heating Oil 429,908 68 39,137 100 -65,644 1 26,507 90
Soybeans 759,101 35 41,990 41 -9,665 64 -32,325 18
Corn 1,400,377 4 279,288 66 -223,336 40 -55,952 11
Coffee 305,141 62 69,085 99 -73,808 2 4,723 21
Sugar 891,672 25 246,188 87 -294,674 12 48,486 68
Wheat 385,204 23 -4,534 43 12,969 53 -8,435 61

 


Gold Comex Futures:

Federal Funds 30-Day Bonds Futures COT ChartThe Gold Comex Futures large speculator standing this week reached a net position of 185,539 contracts in the data reported through Tuesday. This was a weekly gain of 2,957 contracts from the previous week which had a total of 182,582 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 53.7 percent. The commercials are Bearish with a score of 46.4 percent and the small traders (not shown in chart) are Bearish with a score of 33.2 percent.


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Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 61.6 22.9 9.0
– Percent of Open Interest Shorts: 23.3 65.7 4.5
– Net Position: 185,539 -207,614 22,075
– Gross Longs: 298,503 110,697 43,819
– Gross Shorts: 112,964 318,311 21,744
– Long to Short Ratio: 2.6 to 1 0.3 to 1 2.0 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct): 53.7 46.4 33.2
– COT Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -8.5 8.6 -4.9

 


Silver Comex Futures:

2-Year Treasury Bonds Futures COT ChartThe Silver Comex Futures large speculator standing this week reached a net position of 17,987 contracts in the data reported through Tuesday. This was a weekly lift of 1,608 contracts from the previous week which had a total of 16,379 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 40.3 percent. The commercials are Bullish with a score of 69.2 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 11.4 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 45.5 30.9 18.0
– Percent of Open Interest Shorts: 32.6 52.6 9.2
– Net Position: 17,987 -30,292 12,305
– Gross Longs: 63,488 43,055 25,151
– Gross Shorts: 45,501 73,347 12,846
– Long to Short Ratio: 1.4 to 1 0.6 to 1 2.0 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct): 40.3 69.2 11.4
– COT Index Reading (3 Year Range): Bearish Bullish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -4.3 7.5 -20.1

 


Copper Grade #1 Futures:

5-Year Treasury Bonds Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week reached a net position of 22,481 contracts in the data reported through Tuesday. This was a weekly increase of 8,064 contracts from the previous week which had a total of 14,417 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 58.6 percent. The commercials are Bearish with a score of 41.7 percent and the small traders (not shown in chart) are Bearish with a score of 44.9 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 43.0 38.4 8.0
– Percent of Open Interest Shorts: 31.5 51.7 6.3
– Net Position: 22,481 -25,867 3,386
– Gross Longs: 83,816 74,878 15,582
– Gross Shorts: 61,335 100,745 12,196
– Long to Short Ratio: 1.4 to 1 0.7 to 1 1.3 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct): 58.6 41.7 44.9
– COT Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 0.4 0.8 -10.4

 


Platinum Futures:

10-Year Treasury Notes Bonds Futures COT ChartThe Platinum Futures large speculator standing this week reached a net position of 10,919 contracts in the cot data reported through Tuesday. This was a weekly advance of 5,404 contracts from the previous week which had a total of 5,515 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 18.1 percent. The commercials are Bullish-Extreme with a score of 85.1 percent and the small traders (not shown in chart) are Bearish with a score of 43.4 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 53.4 28.5 15.2
– Percent of Open Interest Shorts: 35.0 56.8 5.4
– Net Position: 10,919 -16,756 5,837
– Gross Longs: 31,711 16,942 9,038
– Gross Shorts: 20,792 33,698 3,201
– Long to Short Ratio: 1.5 to 1 0.5 to 1 2.8 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct): 18.1 85.1 43.4
– COT Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 4.1 -3.8 -2.9

 


Palladium Futures:

Ultra 10-Year Treasury Notes Bonds Futures COT ChartThe Palladium Futures large speculator standing this week reached a net position of -2,496 contracts in the data reported through Tuesday. This was a weekly lift of 734 contracts from the previous week which had a total of -3,230 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 4.1 percent. The commercials are Bullish-Extreme with a score of 94.8 percent and the small traders (not shown in chart) are Bearish with a score of 37.0 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 31.4 51.8 13.7
– Percent of Open Interest Shorts: 58.3 23.6 15.1
– Net Position: -2,496 2,625 -129
– Gross Longs: 2,920 4,815 1,272
– Gross Shorts: 5,416 2,190 1,401
– Long to Short Ratio: 0.5 to 1 2.2 to 1 0.9 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct): 4.1 94.8 37.0
– COT Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -12.7 13.4 -13.0

 


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*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).

Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).