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-07-2021 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,972,536 3 367,232 29 -400,431 62 33,199 62
Gold 499,307 23 217,185 57 -245,623 43 28,438 45
Silver 136,572 4 29,833 52 -43,148 57 13,315 17
Copper 173,954 8 7,204 48 -14,219 50 7,015 66
Palladium 9,253 12 -2,731 4 3,036 97 -305 27
Platinum 65,134 30 6,062 11 -12,138 92 6,076 47
Natural Gas 1,205,626 20 -132,443 39 99,372 62 33,071 63
Brent 211,254 48 -20,446 84 17,107 17 3,339 55
Heating Oil 298,997 0 8,597 55 -21,351 49 12,754 43
Soybeans 672,116 15 59,654 45 -22,744 60 -36,910 10
Corn 1,430,401 9 410,814 83 -367,873 20 -42,941 18
Coffee 265,046 33 62,344 94 -65,596 8 3,252 11
Sugar 857,621 8 191,239 76 -221,289 26 30,050 45
Wheat 359,186 12 15,667 60 -8,386 33 -7,281 67

 


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Gold Comex Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 60.2 20.8 9.5
– Percent of Open Interest Shorts: 16.7 70.0 3.8
– Net Position: 217,185 -245,623 28,438
– Gross Longs: 300,518 103,942 47,358
– Gross Shorts: 83,333 349,565 18,920
– Long to Short Ratio: 3.6 to 1 0.3 to 1 2.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 56.8 42.7 44.9
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 0.8 -1.8 9.5

 


Silver Comex Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 46.1 28.8 19.3
– Percent of Open Interest Shorts: 24.2 60.4 9.5
– Net Position: 29,833 -43,148 13,315
– Gross Longs: 62,930 39,369 26,328
– Gross Shorts: 33,097 82,517 13,013
– Long to Short Ratio: 1.9 to 1 0.5 to 1 2.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 52.1 56.6 17.5
– Strength Index Reading (3 Year Range): Bullish Bullish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -7.7 8.2 -4.0

 


Copper Grade #1 Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 36.4 43.9 9.7
– Percent of Open Interest Shorts: 32.3 52.1 5.6
– Net Position: 7,204 -14,219 7,015
– Gross Longs: 63,403 76,370 16,787
– Gross Shorts: 56,199 90,589 9,772
– Long to Short Ratio: 1.1 to 1 0.8 to 1 1.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 47.6 49.7 65.9
– Strength Index Reading (3 Year Range): Bearish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -21.7 21.8 -9.1

 


Platinum Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 41.5 38.0 14.7
– Percent of Open Interest Shorts: 32.2 56.7 5.4
– Net Position: 6,062 -12,138 6,076
– Gross Longs: 27,056 24,780 9,598
– Gross Shorts: 20,994 36,918 3,522
– Long to Short Ratio: 1.3 to 1 0.7 to 1 2.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 11.1 91.7 46.8
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -12.8 13.1 -4.2

 


Palladium Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 30.9 54.3 12.7
– Percent of Open Interest Shorts: 60.4 21.5 16.0
– Net Position: -2,731 3,036 -305
– Gross Longs: 2,862 5,024 1,175
– Gross Shorts: 5,593 1,988 1,480
– Long to Short Ratio: 0.5 to 1 2.5 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 3.6 96.9 26.7
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 1.2 0.4 -17.5

 


Article By InvestMacroReceive 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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