COT Metals Charts: Palladium Speculator bets hit lowest on record

November 6, 2021

By InvestMacro | COT | Data Tables | COT Leaders | Downloads | COT 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 November 2nd 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 speculator’s bearishness in Palladium. The Palladium speculative position continues to see weakness and has fallen for eight out of the past twelve weeks. The overall position has now been in bearish territory for eleven straight weeks after dropping from bullish to bearish on August 24th. Palladium net spec positions are usually always in bullish territory with very few instances of net bearish levels in the data history. The current net position at -3,391 contracts marks the most bearish speculator level for Palladium on record, according to the CFTC data which goes back to 1986.


Data Snapshot of Commodity Market Traders | Columns Legend
Nov-02-2021 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 2,121,461 29 419,293 46 -461,516 44 42,223 75
Gold 507,616 27 215,129 62 -239,877 38 24,748 40
Silver 141,394 8 33,115 55 -48,860 51 15,745 32
Copper 217,216 39 32,335 66 -41,294 31 8,959 77
Palladium 10,926 20 -3,391 0 3,574 100 -183 34
Platinum 56,508 16 15,364 25 -21,964 78 6,600 54
Natural Gas 1,267,227 35 -137,713 37 93,517 60 44,196 91
Brent 183,766 27 -12,714 100 7,688 0 5,026 79
Heating Oil 426,636 66 22,384 75 -45,844 22 23,460 80
Soybeans 620,172 3 58,756 45 -19,885 61 -38,871 7
Corn 1,506,602 22 383,109 79 -320,385 26 -62,724 7
Coffee 310,931 66 64,353 95 -69,264 6 4,911 22
Sugar 884,507 21 209,061 80 -250,849 21 41,788 60
Wheat 409,137 39 17,896 62 -11,141 30 -6,755 69

 


Gold Comex Futures:

Federal Funds 30-Day Bonds Futures COT ChartThe Gold Comex Futures large speculator standing this week resulted in a net position of 215,129 contracts in the data reported through Tuesday. This was a weekly gain of 569 contracts from the previous week which had a total of 214,560 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 61.8 percent. The commercials are Bearish with a score of 38.0 percent and the small traders (not shown in chart) are Bearish with a score of 40.2 percent.


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Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 61.3 19.8 9.0
– Percent of Open Interest Shorts: 18.9 67.1 4.2
– Net Position: 215,129 -239,877 24,748
– Gross Longs: 311,091 100,692 45,936
– Gross Shorts: 95,962 340,569 21,188
– Long to Short Ratio: 3.2 to 1 0.3 to 1 2.2 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct): 61.8 38.0 40.2
– COT Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 7.6 -7.1 -0.6

 


Silver Comex Futures:

2-Year Treasury Bonds Futures COT ChartThe Silver Comex Futures large speculator standing this week resulted in a net position of 33,115 contracts in the data reported through Tuesday. This was a weekly lowering of -4,417 contracts from the previous week which had a total of 37,532 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 55.4 percent. The commercials are Bullish with a score of 51.0 percent and the small traders (not shown in chart) are Bearish with a score of 32.1 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 45.6 29.3 19.2
– Percent of Open Interest Shorts: 22.2 63.9 8.0
– Net Position: 33,115 -48,860 15,745
– Gross Longs: 64,502 41,473 27,091
– Gross Shorts: 31,387 90,333 11,346
– Long to Short Ratio: 2.1 to 1 0.5 to 1 2.4 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct): 55.4 51.0 32.1
– COT Index Reading (3 Year Range): Bullish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 17.4 -20.4 20.1

 


Copper Grade #1 Futures:

5-Year Treasury Bonds Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week resulted in a net position of 32,335 contracts in the data reported through Tuesday. This was a weekly decrease of -4,944 contracts from the previous week which had a total of 37,279 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 65.7 percent. The commercials are Bearish with a score of 31.1 percent and the small traders (not shown in chart) are Bullish with a score of 77.1 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 40.8 37.5 9.2
– Percent of Open Interest Shorts: 25.9 56.5 5.0
– Net Position: 32,335 -41,294 8,959
– Gross Longs: 88,632 81,457 19,927
– Gross Shorts: 56,297 122,751 10,968
– Long to Short Ratio: 1.6 to 1 0.7 to 1 1.8 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct): 65.7 31.1 77.1
– COT Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 9.4 -11.6 21.7

 


Platinum Futures:

10-Year Treasury Notes Bonds Futures COT ChartThe Platinum Futures large speculator standing this week resulted in a net position of 15,364 contracts in the data reported through Tuesday. This was a weekly rise of 462 contracts from the previous week which had a total of 14,902 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 24.5 percent. The commercials are Bullish with a score of 77.6 percent and the small traders (not shown in chart) are Bullish with a score of 54.1 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 51.1 28.9 16.3
– Percent of Open Interest Shorts: 23.9 67.7 4.6
– Net Position: 15,364 -21,964 6,600
– Gross Longs: 28,870 16,314 9,196
– Gross Shorts: 13,506 38,278 2,596
– Long to Short Ratio: 2.1 to 1 0.4 to 1 3.5 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct): 24.5 77.6 54.1
– COT Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 20.4 -21.4 11.5

 


Palladium Futures:

Ultra 10-Year Treasury Notes Bonds Futures COT ChartThe Palladium Futures large speculator standing this week resulted in a net position of -3,391 contracts in the data reported through Tuesday. This was a weekly decrease of -437 contracts from the previous week which had a total of -2,954 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 0.0 percent. The commercials are Bullish-Extreme with a score of 99.8 percent and the small traders (not shown in chart) are Bearish with a score of 33.9 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 22.7 54.7 11.8
– Percent of Open Interest Shorts: 53.8 22.0 13.5
– Net Position: -3,391 3,574 -183
– Gross Longs: 2,482 5,978 1,287
– Gross Shorts: 5,873 2,404 1,470
– Long to Short Ratio: 0.4 to 1 2.5 to 1 0.9 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct): 0.0 99.8 33.9
– COT Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -3.7 2.8 8.7

 


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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) as well as their open interest (contracts open in the market at time of reporting).See CFTC criteria here.