11 Dec

COT Metals Speculators drop Silver bullish bets to 8-week low

December 11, 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 December 7th 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 recent decline in the Silver futures bets. The speculative net position in the Silver futures has fallen for three consecutive weeks and by a total of -15,792 contracts over that time-frame. This weakness has brought the current standing for Silver net positions to the least bullish level in the past eight weeks, dating back to October 12th. Speculators had been raising their positions for Silver in recent months with bullish bets hitting a 22-week high on November 16th before turning lower. Despite the recent declines, the Silver strength index (current positioning compared to the positioning of the past three years) remains almost right down the middle at a 52.1 percent score.

Joining Silver (-8,601 contracts) in falling this week are Gold (-8,675 contracts), Copper (-1,987 contracts), Platinum (-2,886 contracts) while the Palladium (242 contracts) were the only rising futures contracts for speculators this week in the metals we cover.

Data Snapshot of Commodity Market Traders | Columns Legend
Dec-07-2021OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index
WTI Crude1,972,5363367,23229-400,4316233,19962
Gold499,30723217,18557-245,6234328,43845
Silver136,572429,83352-43,1485713,31517
Copper173,95487,20448-14,219507,01566
Palladium9,25312-2,73143,03697-30527
Platinum65,134306,06211-12,138926,07647
Natural Gas1,205,62620-132,4433999,3726233,07163
Brent211,25448-20,4468417,107173,33955
Heating Oil298,99708,59755-21,3514912,75443
Soybeans672,1161559,65445-22,74460-36,91010
Corn1,430,4019410,81483-367,87320-42,94118
Coffee265,0463362,34494-65,59683,25211
Sugar857,6218191,23976-221,2892630,05045
Wheat359,1861215,66760-8,38633-7,28167

 

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Gold Comex Futures:

Federal Funds 30-Day Bonds Futures COT ChartThe Gold Comex Futures large speculator standing this week totaled a net position of 217,185 contracts in the data reported through Tuesday. This was a weekly lowering of -8,675 contracts from the previous week which had a total of 225,860 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 56.8 percent. The commercials are Bearish with a score of 42.7 percent and the small traders (not shown in chart) are Bearish with a score of 44.9 percent.

Gold Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:60.220.89.5
– Percent of Open Interest Shorts:16.770.03.8
– Net Position:217,185-245,62328,438
– Gross Longs:300,518103,94247,358
– Gross Shorts:83,333349,56518,920
– Long to Short Ratio:3.6 to 10.3 to 12.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):56.842.744.9
– Strength Index Reading (3 Year Range):BullishBearishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:0.8-1.89.5

 

Silver Comex Futures:

2-Year Treasury Bonds Futures COT ChartThe Silver Comex Futures large speculator standing this week totaled a net position of 29,833 contracts in the data reported through Tuesday. This was a weekly reduction of -8,601 contracts from the previous week which had a total of 38,434 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 52.1 percent. The commercials are Bullish with a score of 56.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.5 percent.

Silver Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:46.128.819.3
– Percent of Open Interest Shorts:24.260.49.5
– Net Position:29,833-43,14813,315
– Gross Longs:62,93039,36926,328
– Gross Shorts:33,09782,51713,013
– Long to Short Ratio:1.9 to 10.5 to 12.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):52.156.617.5
– Strength Index Reading (3 Year Range):BullishBullishBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-7.78.2-4.0

 

Copper Grade #1 Futures:

5-Year Treasury Bonds Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week totaled a net position of 7,204 contracts in the data reported through Tuesday. This was a weekly fall of -1,987 contracts from the previous week which had a total of 9,191 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 47.6 percent. The commercials are Bearish with a score of 49.7 percent and the small traders (not shown in chart) are Bullish with a score of 65.9 percent.

Copper Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:36.443.99.7
– Percent of Open Interest Shorts:32.352.15.6
– Net Position:7,204-14,2197,015
– Gross Longs:63,40376,37016,787
– Gross Shorts:56,19990,5899,772
– Long to Short Ratio:1.1 to 10.8 to 11.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):47.649.765.9
– Strength Index Reading (3 Year Range):BearishBearishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-21.721.8-9.1

 

Platinum Futures:

10-Year Treasury Notes Bonds Futures COT ChartThe Platinum Futures large speculator standing this week totaled a net position of 6,062 contracts in the data reported through Tuesday. This was a weekly lowering of -2,886 contracts from the previous week which had a total of 8,948 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 11.1 percent. The commercials are Bullish-Extreme with a score of 91.7 percent and the small traders (not shown in chart) are Bearish with a score of 46.8 percent.

Platinum Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:41.538.014.7
– Percent of Open Interest Shorts:32.256.75.4
– Net Position:6,062-12,1386,076
– Gross Longs:27,05624,7809,598
– Gross Shorts:20,99436,9183,522
– Long to Short Ratio:1.3 to 10.7 to 12.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):11.191.746.8
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-12.813.1-4.2

 

Palladium Futures:

Ultra 10-Year Treasury Notes Bonds Futures COT ChartThe Palladium Futures large speculator standing this week totaled a net position of -2,731 contracts in the data reported through Tuesday. This was a weekly boost of 242 contracts from the previous week which had a total of -2,973 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 3.6 percent. The commercials are Bullish-Extreme with a score of 96.9 percent and the small traders (not shown in chart) are Bearish with a score of 26.7 percent.

Palladium Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:30.954.312.7
– Percent of Open Interest Shorts:60.421.516.0
– Net Position:-2,7313,036-305
– Gross Longs:2,8625,0241,175
– Gross Shorts:5,5931,9881,480
– Long to Short Ratio:0.5 to 12.5 to 10.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):3.696.926.7
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:1.20.4-17.5

 

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.


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