COT Metals Speculators raise Gold bullish bets for 5th week to 61-week high

March 12, 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 March 8th 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 continued gains in the Gold futures bets. The speculative net position in the Gold futures has risen for five consecutive weeks and in six out of the past seven weeks. Gold bets have now increased by a total of +102,246 contracts over just these past five weeks as bullish sentiment has increased due to inflation and the war in Ukraine. The current speculator position has now ascended to the most bullish level (+274,388) in the past sixty-one weeks, dating back to October 15th of 2021 when bullish bets totaled +279,318 contracts.

All the metals markets we cover saw higher speculator bets with Silver (7,349 contracts), Gold (16,766 contracts), Copper (9,726 contracts), Platinum (8,943 contracts) and Palladium (632 contracts) all rising for the week.


Data Snapshot of Commodity Market Traders | Columns Legend
Mar-08-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,896,974 5 361,665 11 -408,809 80 47,144 81
Gold 638,502 57 274,388 75 -306,946 24 32,558 57
Silver 168,283 33 52,297 74 -69,609 31 17,312 44
Copper 198,844 26 31,819 65 -40,070 32 8,251 73
Palladium 7,631 5 -272 20 -563 73 835 94
Platinum 72,496 43 25,833 39 -32,358 63 6,525 53
Natural Gas 1,085,853 0 -138,413 37 97,671 62 40,742 82
Brent 196,832 37 -11,712 92 10,814 11 898 21
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 743,566 32 216,577 84 -189,219 21 -27,358 25
Corn 1,487,815 19 498,033 94 -456,684 7 -41,349 19
Coffee 224,222 3 52,113 86 -56,074 16 3,961 16
Sugar 837,413 5 151,076 68 -190,856 32 39,780 57
Wheat 342,996 4 12,625 58 -5,496 35 -7,129 72

 


Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week reached a net position of 274,388 contracts in the data reported through Tuesday. This was a weekly lift of 16,766 contracts from the previous week which had a total of 257,622 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 74.9 percent. The commercials are Bearish with a score of 24.0 percent and the small traders (not shown in chart) are Bullish with a score of 56.6 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 57.1 21.8 8.8
– Percent of Open Interest Shorts: 14.1 69.9 3.7
– Net Position: 274,388 -306,946 32,558
– Gross Longs: 364,618 139,397 55,964
– Gross Shorts: 90,230 446,343 23,406
– Long to Short Ratio: 4.0 to 1 0.3 to 1 2.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 74.9 24.0 56.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 17.1 -17.4 8.4

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week reached a net position of 52,297 contracts in the data reported through Tuesday. This was a weekly lift of 7,349 contracts from the previous week which had a total of 44,948 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 Bullish with a score of 74.5 percent. The commercials are Bearish with a score of 30.6 percent and the small traders (not shown in chart) are Bearish with a score of 43.7 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 45.5 29.0 17.0
– Percent of Open Interest Shorts: 14.4 70.4 6.7
– Net Position: 52,297 -69,609 17,312
– Gross Longs: 76,565 48,816 28,583
– Gross Shorts: 24,268 118,425 11,271
– Long to Short Ratio: 3.2 to 1 0.4 to 1 2.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 74.5 30.6 43.7
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 20.1 -21.5 10.3

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week reached a net position of 31,819 contracts in the data reported through Tuesday. This was a weekly gain of 9,726 contracts from the previous week which had a total of 22,093 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 65.3 percent. The commercials are Bearish with a score of 31.9 percent and the small traders (not shown in chart) are Bullish with a score of 73.0 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 44.1 37.7 9.6
– Percent of Open Interest Shorts: 28.1 57.9 5.4
– Net Position: 31,819 -40,070 8,251
– Gross Longs: 87,744 74,975 19,023
– Gross Shorts: 55,925 115,045 10,772
– Long to Short Ratio: 1.6 to 1 0.7 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 65.3 31.9 73.0
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 3.8 -5.0 11.0

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week reached a net position of 25,833 contracts in the data reported through Tuesday. This was a weekly gain of 8,943 contracts from the previous week which had a total of 16,890 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 39.2 percent. The commercials are Bullish with a score of 62.7 percent and the small traders (not shown in chart) are Bullish with a score of 53.1 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 57.6 26.1 12.5
– Percent of Open Interest Shorts: 22.0 70.8 3.5
– Net Position: 25,833 -32,358 6,525
– Gross Longs: 41,758 18,935 9,082
– Gross Shorts: 15,925 51,293 2,557
– Long to Short Ratio: 2.6 to 1 0.4 to 1 3.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 39.2 62.7 53.1
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 17.5 -18.8 15.2

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week reached a net position of -272 contracts in the data reported through Tuesday. This was a weekly boost of 632 contracts from the previous week which had a total of -904 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 20.0 percent. The commercials are Bullish with a score of 73.2 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 93.8 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 34.4 42.6 22.1
– Percent of Open Interest Shorts: 38.0 49.9 11.2
– Net Position: -272 -563 835
– Gross Longs: 2,624 3,247 1,686
– Gross Shorts: 2,896 3,810 851
– Long to Short Ratio: 0.9 to 1 0.9 to 1 2.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 20.0 73.2 93.8
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 9.8 -16.2 66.0

 


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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.