COT Metals Speculators raised Copper bullish bets for 2nd week

January 8, 2022

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 January 4th 2022 and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Highlighting the COT metals data is the recent gains in the Copper futures bets. Speculators have boosted their bullish bets for the second week in a row following nine straight weeks of declines previously through December 21st. The rise in the bullish bets has brought the current standing to the best level since November 16th and has prolonged the streak of weeks in bullish territory to eighty-three, dating back to June of 2020 when bets flipped from bearish to bullish.

Joining Copper (5,376 contracts) with rising speculator bets this week were Silver (4,461 contracts) and Platinum (2,293 contracts) while speculator bets fell for Gold (-1,801 contracts) and Palladium (-83 contracts).


Data Snapshot of Commodity Market Traders | Columns Legend
Jan-04-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,887,131 3 332,825 15 -369,956 77 37,131 67
Gold 502,717 20 211,355 55 -237,458 45 26,103 38
Silver 139,521 6 30,919 53 -43,973 56 13,054 16
Copper 185,905 16 19,759 57 -24,845 42 5,086 55
Palladium 9,480 13 -3,192 3 3,344 96 -152 36
Platinum 58,275 19 6,762 12 -12,185 92 5,423 38
Natural Gas 1,117,606 2 -141,907 36 110,122 66 31,785 59
Brent 203,528 42 -11,255 100 6,990 0 4,265 67
Heating Oil 320,686 14 7,492 53 -29,819 40 22,327 76
Soybeans 648,148 10 130,556 63 -91,893 44 -38,663 8
Corn 1,520,233 24 445,481 87 -382,800 17 -62,681 7
Coffee 262,231 31 54,565 88 -57,751 15 3,186 10
Sugar 873,918 11 172,987 72 -192,794 32 19,807 32
Wheat 359,139 12 4,080 50 6,236 47 -10,316 52

 


Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week reached a net position of 211,355 contracts in the data reported through Tuesday. This was a weekly fall of -1,801 contracts from the previous week which had a total of 213,156 net contracts.


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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 55.0 percent. The commercials are Bearish with a score of 45.1 percent and the small traders (not shown in chart) are Bearish with a score of 38.2 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 59.0 20.7 9.0
– Percent of Open Interest Shorts: 17.0 68.0 3.8
– Net Position: 211,355 -237,458 26,103
– Gross Longs: 296,583 104,258 45,400
– Gross Shorts: 85,228 341,716 19,297
– Long to Short Ratio: 3.5 to 1 0.3 to 1 2.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 55.0 45.1 38.2
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -7.3 9.3 -20.8

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week reached a net position of 30,919 contracts in the data reported through Tuesday. This was a weekly advance of 4,461 contracts from the previous week which had a total of 26,458 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 53.2 percent. The commercials are Bullish with a score of 55.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.9 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 46.7 28.6 18.2
– Percent of Open Interest Shorts: 24.5 60.1 8.8
– Net Position: 30,919 -43,973 13,054
– Gross Longs: 65,108 39,892 25,396
– Gross Shorts: 34,189 83,865 12,342
– Long to Short Ratio: 1.9 to 1 0.5 to 1 2.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 53.2 55.8 15.9
– Strength Index Reading (3 Year Range): Bullish Bullish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -9.2 12.8 -23.2

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week reached a net position of 19,759 contracts in the data reported through Tuesday. This was a weekly rise of 5,376 contracts from the previous week which had a total of 14,383 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 56.6 percent. The commercials are Bearish with a score of 42.4 percent and the small traders (not shown in chart) are Bullish with a score of 54.7 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 40.5 40.0 9.2
– Percent of Open Interest Shorts: 29.8 53.4 6.4
– Net Position: 19,759 -24,845 5,086
– Gross Longs: 75,207 74,398 17,048
– Gross Shorts: 55,448 99,243 11,962
– Long to Short Ratio: 1.4 to 1 0.7 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 56.6 42.4 54.7
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 4.3 -2.7 -12.3

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week reached a net position of 6,762 contracts in the data reported through Tuesday. This was a weekly boost of 2,293 contracts from the previous week which had a total of 4,469 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 12.1 percent. The commercials are Bullish-Extreme with a score of 91.6 percent and the small traders (not shown in chart) are Bearish with a score of 37.6 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 47.5 33.8 15.0
– Percent of Open Interest Shorts: 35.9 54.7 5.7
– Net Position: 6,762 -12,185 5,423
– Gross Longs: 27,680 19,716 8,738
– Gross Shorts: 20,918 31,901 3,315
– Long to Short Ratio: 1.3 to 1 0.6 to 1 2.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 12.1 91.6 37.6
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -9.2 11.6 -24.0

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week reached a net position of -3,192 contracts in the data reported through Tuesday. This was a weekly decline of -83 contracts from the previous week which had a total of -3,109 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 3.1 percent. The commercials are Bullish-Extreme with a score of 95.9 percent and the small traders (not shown in chart) are Bearish with a score of 35.7 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 28.6 57.8 12.6
– Percent of Open Interest Shorts: 62.3 22.5 14.2
– Net Position: -3,192 3,344 -152
– Gross Longs: 2,711 5,479 1,198
– Gross Shorts: 5,903 2,135 1,350
– Long to Short Ratio: 0.5 to 1 2.6 to 1 0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 3.1 95.9 35.7
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -7.7 7.5 -0.3

 


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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.