03 Jan

COT Metals Speculators raised their Copper bullish bets for 1st time in 10 weeks

January 3, 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 release was delayed by the CFTC due to the New Year’s holiday.

The latest COT data is updated through Tuesday December 28th 2021 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 positioning in the Copper futures. The speculative net position in the Copper futures rebounded strongly last week following nine consecutive weekly declines in speculator bets. The recent weakness had brought the overall net position in Copper futures to the lowest standing in the previous eighty-one weeks. Last week’s rise marked the largest one-week gain of the past ten weeks and pushed the overall net position to a six-week high.

Joining Copper (9,946 contracts) with gains on the week were Gold (7,345 contracts), Silver (5,532 contracts), Platinum (3,201 contracts) and Palladium (530 contracts).

Data Snapshot of Commodity Market Traders | Columns Legend
Dec-28-2021OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index
WTI Crude1,867,3390338,42920-373,0927134,66364
Gold508,91222213,15656-245,6644332,50856
Silver141,246826,45849-41,9285815,47030
Copper180,7361314,38353-19,679465,29656
Palladium9,40313-3,10943,23095-12138
Platinum60,353224,4699-10,655946,18648
Natural Gas1,110,5320-146,21735115,6106730,60756
Brent215,92152-20,7168417,594183,12252
Heating Oil302,72134,89750-21,0604916,16354
Soybeans647,2259125,28561-93,07944-32,20618
Corn1,522,69225458,17689-411,79313-46,38316
Coffee261,2633055,26589-58,015142,7507
Sugar864,2629184,68675-209,0112924,32538
Wheat357,381119,13255-1,60139-7,53166

 

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Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week recorded a net position of 213,156 contracts in the data reported through Tuesday. This was a weekly gain of 7,345 contracts from the previous week which had a total of 205,811 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 55.6 percent. The commercials are Bearish with a score of 42.6 percent and the small traders (not shown in chart) are Bullish with a score of 56.5 percent.

Gold Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:59.720.310.0
– Percent of Open Interest Shorts:17.868.53.7
– Net Position:213,156-245,66432,508
– Gross Longs:303,879103,17251,121
– Gross Shorts:90,723348,83618,613
– Long to Short Ratio:3.3 to 10.3 to 12.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):55.642.656.5
– Strength Index Reading (3 Year Range):BullishBearishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-14.712.813.5

 

Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week recorded a net position of 26,458 contracts in the data reported through Tuesday. This was a weekly increase of 5,532 contracts from the previous week which had a total of 20,926 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 48.7 percent. The commercials are Bullish with a score of 57.8 percent and the small traders (not shown in chart) are Bearish with a score of 30.5 percent.

Silver Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:45.229.319.0
– Percent of Open Interest Shorts:26.559.08.1
– Net Position:26,458-41,92815,470
– Gross Longs:63,87341,38626,850
– Gross Shorts:37,41583,31411,380
– Long to Short Ratio:1.7 to 10.5 to 12.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):48.757.830.5
– Strength Index Reading (3 Year Range):BearishBullishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-19.123.8-30.5

 

Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week recorded a net position of 14,383 contracts in the data reported through Tuesday. This was a weekly lift of 9,946 contracts from the previous week which had a total of 4,437 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 52.7 percent. The commercials are Bearish with a score of 45.9 percent and the small traders (not shown in chart) are Bullish with a score of 55.9 percent.

Copper Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:39.342.69.2
– Percent of Open Interest Shorts:31.353.56.3
– Net Position:14,383-19,6795,296
– Gross Longs:70,98077,05716,594
– Gross Shorts:56,59796,73611,298
– Long to Short Ratio:1.3 to 10.8 to 11.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):52.745.955.9
– Strength Index Reading (3 Year Range):BullishBearishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-4.37.6-29.9

 

Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week recorded a net position of 4,469 contracts in the data reported through Tuesday. This was a weekly rise of 3,201 contracts from the previous week which had a total of 1,268 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 8.8 percent. The commercials are Bullish-Extreme with a score of 93.8 percent and the small traders (not shown in chart) are Bearish with a score of 48.3 percent.

Platinum Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:45.035.915.9
– Percent of Open Interest Shorts:37.653.55.6
– Net Position:4,469-10,6556,186
– Gross Longs:27,13321,6619,568
– Gross Shorts:22,66432,3163,382
– Long to Short Ratio:1.2 to 10.7 to 12.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):8.893.848.3
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-23.925.2-14.3

 

Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week recorded a net position of -3,109 contracts in the data reported through Tuesday. This was a weekly increase of 530 contracts from the previous week which had a total of -3,639 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 95.3 percent and the small traders (not shown in chart) are Bearish with a score of 37.5 percent.

Palladium Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:28.457.312.9
– Percent of Open Interest Shorts:61.523.014.2
– Net Position:-3,1093,230-121
– Gross Longs:2,6705,3901,214
– Gross Shorts:5,7792,1601,335
– Long to Short Ratio:0.5 to 12.5 to 10.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):3.695.337.5
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-5.86.6-10.8

 

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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