COT Metals Speculators renewing Copper bullish bets after previous retreat

January 22, 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 18th 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 turnaround in the Copper futures bets. Speculative positions in Copper rose this week for the third time in the past four weeks directly following a previous streak of nine weekly decreases in spec contracts. Those declines from October 26th to December 21st brought the Copper contracts to the lowest level in eighty-one weeks, dating back to June of 2020. Since December 21st, the Copper speculator positions have had a turnaround and risen by a total of 17,873 contracts. The overall Copper spec standing is currently back above the +20,000 contract level for the first time since November and sits at the highest net standing since November 9th.

Joining Copper (5,604 contracts) in falling this week were Silver (2,152 contracts) and Platinum (1,940 contracts) while the markets with lower speculator bets were Gold (-5,530 contracts) and Palladium (-331 contracts).


Data Snapshot of Commodity Market Traders | Columns Legend
Jan-18-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 2,059,564 29 385,781 32 -427,052 59 41,271 73
Gold 539,204 30 194,207 50 -221,068 50 26,861 40
Silver 148,737 15 29,700 52 -41,540 58 11,840 12
Copper 203,198 29 22,310 58 -30,538 38 8,228 73
Palladium 9,372 13 -3,309 3 3,409 96 -100 39
Platinum 57,321 17 7,229 13 -12,911 91 5,682 41
Natural Gas 1,169,188 14 -118,047 43 86,174 58 31,873 60
Brent 227,413 61 -20,206 84 17,211 18 2,995 50
Heating Oil 367,686 42 14,827 64 -39,935 29 25,108 85
Soybeans 692,022 20 128,015 62 -92,198 44 -35,817 12
Corn 1,487,858 19 388,138 80 -342,687 23 -45,451 17
Coffee 264,394 32 63,784 95 -66,937 7 3,153 10
Sugar 882,598 13 113,168 60 -127,053 44 13,885 25
Wheat 378,456 23 4,840 51 5,160 46 -10,000 54

 


Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week totaled a net position of 194,207 contracts in the data reported through Tuesday. This was a weekly reduction of -5,530 contracts from the previous week which had a total of 199,737 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 Bearish with a score of 49.6 percent. The commercials are Bullish with a score of 50.1 percent and the small traders (not shown in chart) are Bearish with a score of 40.4 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 53.9 24.6 8.7
– Percent of Open Interest Shorts: 17.9 65.6 3.7
– Net Position: 194,207 -221,068 26,861
– Gross Longs: 290,528 132,764 46,978
– Gross Shorts: 96,321 353,832 20,117
– Long to Short Ratio: 3.0 to 1 0.4 to 1 2.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 49.6 50.1 40.4
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -7.3 7.5 -4.5

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week totaled a net position of 29,700 contracts in the data reported through Tuesday. This was a weekly gain of 2,152 contracts from the previous week which had a total of 27,548 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 52.0 percent. The commercials are Bullish with a score of 58.1 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 11.8 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 44.4 33.8 16.6
– Percent of Open Interest Shorts: 24.4 61.8 8.7
– Net Position: 29,700 -41,540 11,840
– Gross Longs: 65,985 50,331 24,763
– Gross Shorts: 36,285 91,871 12,923
– Long to Short Ratio: 1.8 to 1 0.5 to 1 1.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 52.0 58.1 11.8
– Strength Index Reading (3 Year Range): Bullish Bullish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -0.1 1.6 -8.6

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week totaled a net position of 22,310 contracts in the data reported through Tuesday. This was a weekly advance of 5,604 contracts from the previous week which had a total of 16,706 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 58.4 percent. The commercials are Bearish with a score of 38.5 percent and the small traders (not shown in chart) are Bullish with a score of 72.9 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 38.2 39.1 9.3
– Percent of Open Interest Shorts: 27.2 54.1 5.3
– Net Position: 22,310 -30,538 8,228
– Gross Longs: 77,673 79,455 18,943
– Gross Shorts: 55,363 109,993 10,715
– Long to Short Ratio: 1.4 to 1 0.7 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 58.4 38.5 72.9
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 10.9 -11.2 7.0

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week totaled a net position of 7,229 contracts in the data reported through Tuesday. This was a weekly increase of 1,940 contracts from the previous week which had a total of 5,289 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 12.8 percent. The commercials are Bullish-Extreme with a score of 90.6 percent and the small traders (not shown in chart) are Bearish with a score of 41.3 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 47.6 33.2 15.6
– Percent of Open Interest Shorts: 35.0 55.7 5.7
– Net Position: 7,229 -12,911 5,682
– Gross Longs: 27,304 19,007 8,945
– Gross Shorts: 20,075 31,918 3,263
– Long to Short Ratio: 1.4 to 1 0.6 to 1 2.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 12.8 90.6 41.3
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 1.7 -1.1 -5.5

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week totaled a net position of -3,309 contracts in the data reported through Tuesday. This was a weekly decrease of -331 contracts from the previous week which had a total of -2,978 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 2.5 percent. The commercials are Bullish-Extreme with a score of 96.2 percent and the small traders (not shown in chart) are Bearish with a score of 38.8 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 28.6 56.8 13.6
– Percent of Open Interest Shorts: 63.9 20.4 14.7
– Net Position: -3,309 3,409 -100
– Gross Longs: 2,682 5,323 1,275
– Gross Shorts: 5,991 1,914 1,375
– Long to Short Ratio: 0.4 to 1 2.8 to 1 0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 2.5 96.2 38.8
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -3.2 2.0 12.1

 


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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.