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

November 15, 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 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:

Federal Funds 30-Day Bonds Futures COT ChartThe 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.

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.


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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:

2-Year Treasury Bonds Futures COT ChartThe 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:

5-Year Treasury Bonds Futures COT ChartThe 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:

10-Year Treasury Notes Bonds Futures COT ChartThe 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:

Ultra 10-Year Treasury Notes Bonds Futures COT ChartThe 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

 


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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.