COT Speculators push their Gold bullish bets to 39-Week high

November 15, 2021

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 9th 2021 and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets. This week’s reports are delayed due to last week’s Veteran’s Day holiday.

Highlighting this week’s COT data for the metals category is the gains in speculative bets for gold. Speculator positions jumped by over +35,000 net contracts on November 9th and marked the largest one-week increase of the past ninety weeks, dating back to February 2nd of 2020. Speculators have continued pushing their bullishness in the yellow shiny metal as bullish bets have now climbed higher for six consecutive weeks and the gold net positions have increased by a total of +81,782 contracts over that time-frame. The speculator gold standing is currently at the highest level of the past thirty-nine weeks, dating back to February 9th of this year.

Data Snapshot of Commodity Market Traders | Columns Legend

Nov-09-2021	OI	OI-Index	Spec-Net	Spec-Index	Com-Net	COM-Index	Smalls-Net	Smalls-Index
WTI Crude	2,081,385	22	421,312	46	-461,964	44	40,652	72
Gold	571,025	43	250,181	71	-275,489	30	25,308	42
Silver	144,370	11	36,915	59	-53,669	46	16,754	38
Copper	213,365	36	22,789	59	-33,194	37	10,405	85
Palladium	11,819	24	-2,954	2	3,003	97	-49	42
Platinum	57,866	18	17,630	28	-24,263	74	6,633	55
Natural Gas	1,305,687	45	-142,191	36	98,418	62	43,773	90
Brent	192,398	33	-11,851	100	7,567	0	4,284	82
Heating Oil	421,299	61	20,022	72	-42,921	26	22,899	78
Soybeans	644,317	9	27,584	37	9,085	68	-36,669	11
Corn	1,540,731	28	375,298	78	-320,877	26	-54,421	12
Coffee	312,143	67	60,820	93	-65,365	9	4,545	20
Sugar	897,739	22	212,031	80	-260,761	19	48,730	68
Wheat	405,438	37	19,203	63	-13,409	28	-5,794	74

Gold Comex Futures:

The Gold Comex Futures large speculator standing this week reached a net position of 250,181 contracts in the data reported through Tuesday. This was a weekly advance of 35,052 contracts from the previous week which had a total of 215,129 net contracts.

Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.

Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter

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 70.6 percent. The commercials are Bearish with a score of 29.8 percent and the small traders (not shown in chart) are Bearish with a score of 41.6 percent.

Gold Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	59.7	18.4	8.8
– Percent of Open Interest Shorts:	15.9	66.7	4.3
– Net Position:	250,181	-275,489	25,308
– Gross Longs:	341,111	105,197	50,094
– Gross Shorts:	90,930	380,686	24,786
– Long to Short Ratio:	3.8 to 1	0.3 to 1	2.0 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct):	70.6	29.8	41.6
– COT Index Reading (3 Year Range):	Bullish	Bearish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	23.2	-23.1	9.2

Silver Comex Futures:

The Silver Comex Futures large speculator standing this week reached a net position of 36,915 contracts in the data reported through Tuesday. This was a weekly rise of 3,800 contracts from the previous week which had a total of 33,115 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 59.2 percent. The commercials are Bearish with a score of 46.2 percent and the small traders (not shown in chart) are Bearish with a score of 38.2 percent.

Silver Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	45.0	30.3	19.7
– Percent of Open Interest Shorts:	19.5	67.5	8.1
– Net Position:	36,915	-53,669	16,754
– Gross Longs:	65,013	43,811	28,432
– Gross Shorts:	28,098	97,480	11,678
– Long to Short Ratio:	2.3 to 1	0.4 to 1	2.4 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct):	59.2	46.2	38.2
– COT Index Reading (3 Year Range):	Bullish	Bearish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	20.2	-24.6	29.0

Copper Grade #1 Futures:

The Copper Grade #1 Futures large speculator standing this week reached a net position of 22,789 contracts in the data reported through Tuesday. This was a weekly decline of -9,546 contracts from the previous week which had a total of 32,335 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 58.8 percent. The commercials are Bearish with a score of 36.6 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 85.5 percent.

Copper Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	38.8	38.6	10.0
– Percent of Open Interest Shorts:	28.1	54.2	5.1
– Net Position:	22,789	-33,194	10,405
– Gross Longs:	82,781	82,413	21,232
– Gross Shorts:	59,992	115,607	10,827
– Long to Short Ratio:	1.4 to 1	0.7 to 1	2.0 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct):	58.8	36.6	85.5
– COT Index Reading (3 Year Range):	Bullish	Bearish	Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	3.0	-7.9	42.0

Platinum Futures:

The Platinum Futures large speculator standing this week reached a net position of 17,630 contracts in the data reported through Tuesday. This was a weekly rise of 2,266 contracts from the previous week which had a total of 15,364 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 27.8 percent. The commercials are Bullish with a score of 74.3 percent and the small traders (not shown in chart) are Bullish with a score of 54.6 percent.

Platinum Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	52.3	28.0	15.9
– Percent of Open Interest Shorts:	21.8	69.9	4.5
– Net Position:	17,630	-24,263	6,633
– Gross Longs:	30,260	16,202	9,224
– Gross Shorts:	12,630	40,465	2,591
– Long to Short Ratio:	2.4 to 1	0.4 to 1	3.6 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct):	27.8	74.3	54.6
– COT Index Reading (3 Year Range):	Bearish	Bullish	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	17.3	-20.2	29.4

Palladium Futures:

The Palladium Futures large speculator standing this week reached a net position of -2,954 contracts in the data reported through Tuesday. This was a weekly lift of 437 contracts from the previous week which had a total of -3,391 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 2.4 percent. The commercials are Bullish-Extreme with a score of 96.8 percent and the small traders (not shown in chart) are Bearish with a score of 41.8 percent.

Palladium Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	22.9	50.4	12.1
– Percent of Open Interest Shorts:	47.8	25.0	12.5
– Net Position:	-2,954	3,003	-49
– Gross Longs:	2,701	5,961	1,425
– Gross Shorts:	5,655	2,958	1,474
– Long to Short Ratio:	0.5 to 1	2.0 to 1	1.0 to 1
NET POSITION TREND:
– COT Index Score (3 Year Range Pct):	2.4	96.8	41.8
– COT Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	1.6	-3.2	18.6

Article By InvestMacro – Receive our weekly COT Reports by Email

*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.

Latest Financial Markets News: