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-01-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 2,028,476 25 368,663 14 -410,955 79 42,292 75
Gold 615,600 51 257,622 70 -285,809 30 28,187 44
Silver 157,391 23 44,948 67 -57,150 43 12,202 14
Copper 195,398 23 22,093 58 -29,380 39 7,287 67
Palladium 7,242 4 -904 16 423 79 481 73
Platinum 65,383 31 16,890 26 -24,196 74 7,306 64
Natural Gas 1,112,832 3 -126,409 41 90,088 59 36,321 71
Brent 198,920 39 -6,707 100 4,004 0 2,703 46
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 758,796 35 218,907 84 -189,233 21 -29,674 21
Corn 1,484,670 18 460,938 89 -427,812 11 -33,126 24
Coffee 252,545 24 61,906 94 -66,290 8 4,384 19
Sugar 816,211 0 84,539 54 -105,323 48 20,784 34
Wheat 372,124 19 6,443 52 303 41 -6,746 69

 


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.


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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 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 57.5 20.7 8.2
– Percent of Open Interest Shorts: 15.7 67.1 3.6
– Net Position: 257,622 -285,809 28,187
– Gross Longs: 354,177 127,231 50,266
– Gross Shorts: 96,555 413,040 22,079
– Long to Short Ratio: 3.7 to 1 0.3 to 1 2.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 69.6 30.4 44.2
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 20.1 -19.7 3.8

 


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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 45.3 32.7 16.0
– Percent of Open Interest Shorts: 16.7 69.0 8.3
– Net Position: 44,948 -57,150 12,202
– Gross Longs: 71,235 51,440 25,234
– Gross Shorts: 26,287 108,590 13,032
– Long to Short Ratio: 2.7 to 1 0.5 to 1 1.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 67.2 42.8 13.9
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 15.2 -15.3 2.1

 


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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 38.7 38.5 9.7
– Percent of Open Interest Shorts: 27.3 53.5 5.9
– Net Position: 22,093 -29,380 7,287
– Gross Longs: 75,526 75,232 18,908
– Gross Shorts: 53,433 104,612 11,621
– Long to Short Ratio: 1.4 to 1 0.7 to 1 1.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 58.3 39.3 67.4
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -0.2 0.8 -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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 51.9 29.6 14.7
– Percent of Open Interest Shorts: 26.0 66.6 3.6
– Net Position: 16,890 -24,196 7,306
– Gross Longs: 33,902 19,330 9,637
– Gross Shorts: 17,012 43,526 2,331
– Long to Short Ratio: 2.0 to 1 0.4 to 1 4.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 26.2 74.4 64.0
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 14.1 -16.2 22.7

 


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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 33.3 44.8 20.5
– Percent of Open Interest Shorts: 45.8 39.0 13.9
– Net Position: -904 423 481
– Gross Longs: 2,412 3,248 1,488
– Gross Shorts: 3,316 2,825 1,007
– Long to Short Ratio: 0.7 to 1 1.1 to 1 1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 16.4 78.9 73.0
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 13.8 -17.1 34.2

 


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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.