Metals Speculators push Copper bets higher, maintain bullish sentiment

March 26, 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 22nd 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 rise in the Copper futures bets. The speculative net position in the Copper futures gained by over +7,700 contracts this week and pushed the current standing back above the +20,000 contract level for the fifth time in the past six weeks. The speculator position had retreated last week by over -12,000 contracts and dropped the standing below the +20,000 contract threshold for the first time since the beginning of February. Copper speculator positioning has now been in a continuous bullish level since June 6th of 2020, a span of ninety-four consecutive weeks. The Copper strength index (the current positioning compared to the speculator positioning of the past three years) has a score slightly above the middle of its range at a 61.7 percent and shows that Copper sentiment is bullish but not currently near the top of its range.

Joining Copper (7,782 contracts) in rising this week was just Platinum (1,883 contracts) while Gold (-13,756 contracts), Silver (-3,607 contracts) and Palladium (-199 contracts) all saw speculator contracts decline for the week.


Data Snapshot of Commodity Market Traders | Columns Legend
Mar-22-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,788,211 0 339,969 3 -380,080 91 40,111 72
Gold 605,191 48 248,032 67 -281,595 32 33,563 59
Silver 155,456 21 47,947 70 -64,557 36 16,610 40
Copper 197,244 24 26,812 62 -34,604 36 7,792 70
Palladium 6,948 2 -1,208 15 238 78 970 100
Platinum 64,000 29 19,815 30 -27,047 70 7,232 63
Natural Gas 1,085,676 1 -149,337 34 107,446 65 41,891 85
Brent 191,138 32 -24,666 70 22,639 31 2,027 37
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 754,382 34 218,636 84 -193,646 20 -24,990 29
Corn 1,526,201 25 519,356 96 -470,715 5 -48,641 15
Coffee 222,172 1 41,851 79 -45,824 24 3,973 16
Sugar 817,462 0 155,796 69 -194,333 31 38,537 55
Wheat 345,345 5 9,490 55 -7,030 34 -2,460 100

 


Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week was a net position of 248,032 contracts in the data reported through Tuesday. This was a weekly decrease of -13,756 contracts from the previous week which had a total of 261,788 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 66.6 percent. The commercials are Bearish with a score of 31.7 percent and the small traders (not shown in chart) are Bullish with a score of 59.5 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 54.3 25.6 8.8
– Percent of Open Interest Shorts: 13.3 72.1 3.3
– Net Position: 248,032 -281,595 33,563
– Gross Longs: 328,660 155,039 53,441
– Gross Shorts: 80,628 436,634 19,878
– Long to Short Ratio: 4.1 to 1 0.4 to 1 2.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 66.6 31.7 59.5
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 19.4 -21.4 25.1

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week was a net position of 47,947 contracts in the data reported through Tuesday. This was a weekly fall of -3,607 contracts from the previous week which had a total of 51,554 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 70.2 percent. The commercials are Bearish with a score of 35.5 percent and the small traders (not shown in chart) are Bearish with a score of 39.6 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 44.6 28.5 17.3
– Percent of Open Interest Shorts: 13.7 70.0 6.6
– Net Position: 47,947 -64,557 16,610
– Gross Longs: 69,279 44,270 26,925
– Gross Shorts: 21,332 108,827 10,315
– Long to Short Ratio: 3.2 to 1 0.4 to 1 2.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 70.2 35.5 39.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 28.6 -31.4 19.4

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week was a net position of 26,812 contracts in the data reported through Tuesday. This was a weekly advance of 7,782 contracts from the previous week which had a total of 19,030 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 61.7 percent. The commercials are Bearish with a score of 35.7 percent and the small traders (not shown in chart) are Bullish with a score of 70.3 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 41.3 41.5 9.4
– Percent of Open Interest Shorts: 27.7 59.1 5.5
– Net Position: 26,812 -34,604 7,792
– Gross Longs: 81,523 81,894 18,568
– Gross Shorts: 54,711 116,498 10,776
– Long to Short Ratio: 1.5 to 1 0.7 to 1 1.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 61.7 35.7 70.3
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 5.7 -6.2 6.5

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week was a net position of 19,815 contracts in the data reported through Tuesday. This was a weekly advance of 1,883 contracts from the previous week which had a total of 17,932 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 30.4 percent. The commercials are Bullish with a score of 70.3 percent and the small traders (not shown in chart) are Bullish with a score of 62.9 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 50.3 30.0 15.4
– Percent of Open Interest Shorts: 19.3 72.3 4.2
– Net Position: 19,815 -27,047 7,232
– Gross Longs: 32,184 19,220 9,888
– Gross Shorts: 12,369 46,267 2,656
– Long to Short Ratio: 2.6 to 1 0.4 to 1 3.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 30.4 70.3 62.9
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 11.7 -14.9 32.9

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week was a net position of -1,208 contracts in the data reported through Tuesday. This was a weekly reduction of -199 contracts from the previous week which had a total of -1,009 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 14.7 percent. The commercials are Bullish with a score of 77.8 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 100.0 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 28.4 46.3 24.0
– Percent of Open Interest Shorts: 45.8 42.8 10.0
– Net Position: -1,208 238 970
– Gross Longs: 1,973 3,214 1,665
– Gross Shorts: 3,181 2,976 695
– Long to Short Ratio: 0.6 to 1 1.1 to 1 2.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 14.7 77.8 100.0
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 0.1 -4.6 44.8

 


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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.