05 Mar

Silver Speculator’s bullish bets climb to 15-week high as prices rise above $25

March 5, 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 1st 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 rising speculator sentiment in the Silver futures bets. The speculative net position in the Silver futures rose this week for the third consecutive week and for the seventh time out of the past ten weeks. Silver speculator bets have now gained by a total of +25,649 contracts over these past three weeks and this week’s rise by +14,646 contracts marked the largest one-week gain in the past one hundred and fourteen weeks, dating all the way back to December of 2019. The current speculator contract standing has reached the highest level of the past fifteen weeks with a total of +44,948 contracts. The Silver price has been on the upswing with prices reaching the best levels since August and above the $25.75 per ounce level.

Joining Silver (14,646 contracts) with higher speculator bets this week were Gold (14,474 contracts) and Palladium (525 contracts) while Copper (-3,482 contracts) and Platinum (-650 contracts) saw lower speculator positions for the week.

Data Snapshot of Commodity Market Traders | Columns Legend
Mar-01-2022OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index
WTI Crude2,028,47625368,66314-410,9557942,29275
Gold615,60051257,62270-285,8093028,18744
Silver157,3912344,94867-57,1504312,20214
Copper195,3982322,09358-29,380397,28767
Palladium7,2424-904164237948173
Platinum65,3833116,89026-24,196747,30664
Natural Gas1,112,8323-126,4094190,0885936,32171
Brent198,92039-6,7071004,00402,70346
Heating Oil349,618316,45552-32,4343725,97988
Soybeans758,79635218,90784-189,23321-29,67421
Corn1,484,67018460,93889-427,81211-33,12624
Coffee252,5452461,90694-66,29084,38419
Sugar816,211084,53954-105,3234820,78434
Wheat372,124196,4435230341-6,74669

 

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Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week equaled a net position of 257,622 contracts in the data reported through Tuesday. This was a weekly lift of 14,474 contracts from the previous week which had a total of 243,148 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 69.6 percent. The commercials are Bearish with a score of 30.4 percent and the small traders (not shown in chart) are Bearish with a score of 44.2 percent.

Gold Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:57.520.78.2
– Percent of Open Interest Shorts:15.767.13.6
– Net Position:257,622-285,80928,187
– Gross Longs:354,177127,23150,266
– Gross Shorts:96,555413,04022,079
– Long to Short Ratio:3.7 to 10.3 to 12.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):69.630.444.2
– Strength Index Reading (3 Year Range):BullishBearishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:20.1-19.73.8

 

Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week equaled a net position of 44,948 contracts in the data reported through Tuesday. This was a weekly increase of 14,646 contracts from the previous week which had a total of 30,302 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 67.2 percent. The commercials are Bearish with a score of 42.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 13.9 percent.

Silver Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:45.332.716.0
– Percent of Open Interest Shorts:16.769.08.3
– Net Position:44,948-57,15012,202
– Gross Longs:71,23551,44025,234
– Gross Shorts:26,287108,59013,032
– Long to Short Ratio:2.7 to 10.5 to 11.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):67.242.813.9
– Strength Index Reading (3 Year Range):BullishBearishBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:15.2-15.32.1

 

Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week equaled a net position of 22,093 contracts in the data reported through Tuesday. This was a weekly lowering of -3,482 contracts from the previous week which had a total of 25,575 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 58.3 percent. The commercials are Bearish with a score of 39.3 percent and the small traders (not shown in chart) are Bullish with a score of 67.4 percent.

Copper Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:38.738.59.7
– Percent of Open Interest Shorts:27.353.55.9
– Net Position:22,093-29,3807,287
– Gross Longs:75,52675,23218,908
– Gross Shorts:53,433104,61211,621
– Long to Short Ratio:1.4 to 10.7 to 11.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):58.339.367.4
– Strength Index Reading (3 Year Range):BullishBearishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-0.20.8-5.4

 

Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week equaled a net position of 16,890 contracts in the data reported through Tuesday. This was a weekly decline of -650 contracts from the previous week which had a total of 17,540 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 26.2 percent. The commercials are Bullish with a score of 74.4 percent and the small traders (not shown in chart) are Bullish with a score of 64.0 percent.

Platinum Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:51.929.614.7
– Percent of Open Interest Shorts:26.066.63.6
– Net Position:16,890-24,1967,306
– Gross Longs:33,90219,3309,637
– Gross Shorts:17,01243,5262,331
– Long to Short Ratio:2.0 to 10.4 to 14.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):26.274.464.0
– Strength Index Reading (3 Year Range):BearishBullishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:14.1-16.222.7

 

Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week equaled a net position of -904 contracts in the data reported through Tuesday. This was a weekly boost of 525 contracts from the previous week which had a total of -1,429 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 16.4 percent. The commercials are Bullish with a score of 78.9 percent and the small traders (not shown in chart) are Bullish with a score of 73.0 percent.

Palladium Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:33.344.820.5
– Percent of Open Interest Shorts:45.839.013.9
– Net Position:-904423481
– Gross Longs:2,4123,2481,488
– Gross Shorts:3,3162,8251,007
– Long to Short Ratio:0.7 to 11.1 to 11.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):16.478.973.0
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:13.8-17.134.2

 

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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