COT Metals Speculators cool off their Gold bullish bets to 6-week low

April 9, 2022

By InvestMacro | COT | Data Tables | COT Leaders | Downloads | COT Newsletter

COT Commodities Shares of Total Open InterestEach Commodity Share Percent of All Commodities Open Interest


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 April 5th 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 decline in the Gold futures bets. The speculative net position in the Gold futures dropped this week for the third time in the past four weeks and by a total of -28,847 contracts over that time-frame. Gold spec positions had previously been on a strong run of rising weekly bullish bets and had increased for five straight weeks from February 8th to March 8th with a total gain of +102,246 contracts over that period. That speculator sentiment strength brought positions to a sixty-one week high with a net position of +274,388 contracts and coincided with the Gold price surging above the $2,050 level. Since then, bullish bets have cooled off while the Gold price has also taken a breather and fallen back into a trading range between approximately $1,920 and $1,960 where it currently resides.

Overall, the metals market that rose this week was just Copper (5,561 contracts) while Gold (-12,055 contracts), Platinum (-2,711 contracts), Palladium (-30 contracts) and Silver (-3,206 contracts) all had lower bets on the week.


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Commodities COT strength indexesSpeculator strength standings for each Commodity where strength index is current net position compared to past three years, above 80 is bullish extreme, below 20 is bearish extreme

OI Strength = Current Open Interest level compared to last 3 years range
Spec Strength = Current Net Speculator level compared to last 3 years range
Strength Move = Six week change of Spec Strength


Data Snapshot of Commodity Market Traders | Columns Legend
Apr-05-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,823,366 5 308,594 0 -355,435 100 46,841 81
Gold 560,666 36 245,541 66 -278,758 33 33,217 58
Silver 148,526 15 45,034 67 -60,036 40 15,002 30
Copper 216,157 38 36,142 68 -43,039 30 6,897 65
Palladium 6,642 1 -2,041 10 1,443 85 598 78
Platinum 60,983 23 11,290 18 -17,905 83 6,615 54
Natural Gas 1,169,620 19 -136,611 38 92,647 60 43,964 90
Brent 189,394 31 -29,712 61 26,537 37 3,175 52
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 756,785 35 198,924 79 -170,882 26 -28,042 24
Corn 1,556,206 30 487,073 92 -424,154 12 -62,919 7
Coffee 226,730 5 43,811 80 -48,758 22 4,947 23
Sugar 859,871 10 188,547 75 -240,107 23 51,560 72
Wheat 344,615 5 19,951 64 -15,332 26 -4,619 89

 


Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week resulted in a net position of 245,541 contracts in the data reported through Tuesday. This was a weekly decline of -12,055 contracts from the previous week which had a total of 257,596 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 65.8 percent. The commercials are Bearish with a score of 32.6 percent and the small traders (not shown in chart) are Bullish with a score of 58.5 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 57.9 22.2 9.2
– Percent of Open Interest Shorts: 14.1 71.9 3.3
– Net Position: 245,541 -278,758 33,217
– Gross Longs: 324,570 124,506 51,778
– Gross Shorts: 79,029 403,264 18,561
– Long to Short Ratio: 4.1 to 1 0.3 to 1 2.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 65.8 32.6 58.5
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 0.8 -2.8 18.9

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week resulted in a net position of 45,034 contracts in the data reported through Tuesday. This was a weekly lowering of -3,206 contracts from the previous week which had a total of 48,240 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 67.3 percent. The commercials are Bearish with a score of 40.0 percent and the small traders (not shown in chart) are Bearish with a score of 30.2 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 43.7 30.9 17.7
– Percent of Open Interest Shorts: 13.4 71.3 7.6
– Net Position: 45,034 -60,036 15,002
– Gross Longs: 64,936 45,922 26,307
– Gross Shorts: 19,902 105,958 11,305
– Long to Short Ratio: 3.3 to 1 0.4 to 1 2.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 67.3 40.0 30.2
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 14.7 -16.0 9.2

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week resulted in a net position of 36,142 contracts in the data reported through Tuesday. This was a weekly boost of 5,561 contracts from the previous week which had a total of 30,581 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 68.4 percent. The commercials are Bearish with a score of 29.9 percent and the small traders (not shown in chart) are Bullish with a score of 65.2 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 42.0 38.0 8.6
– Percent of Open Interest Shorts: 25.3 57.9 5.4
– Net Position: 36,142 -43,039 6,897
– Gross Longs: 90,779 82,054 18,675
– Gross Shorts: 54,637 125,093 11,778
– Long to Short Ratio: 1.7 to 1 0.7 to 1 1.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 68.4 29.9 65.2
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 7.6 -5.7 -13.2

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week resulted in a net position of 11,290 contracts in the data reported through Tuesday. This was a weekly fall of -2,711 contracts from the previous week which had a total of 14,001 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 18.0 percent. The commercials are Bullish-Extreme with a score of 83.4 percent and the small traders (not shown in chart) are Bullish with a score of 54.3 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 47.3 32.6 16.5
– Percent of Open Interest Shorts: 28.8 62.0 5.6
– Net Position: 11,290 -17,905 6,615
– Gross Longs: 28,827 19,894 10,054
– Gross Shorts: 17,537 37,799 3,439
– Long to Short Ratio: 1.6 to 1 0.5 to 1 2.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 18.0 83.4 54.3
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -9.1 7.1 17.7

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week resulted in a net position of -2,041 contracts in the data reported through Tuesday. This was a weekly decrease of -30 contracts from the previous week which had a total of -2,011 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 9.9 percent. The commercials are Bullish-Extreme with a score of 84.7 percent and the small traders (not shown in chart) are Bullish with a score of 78.5 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.7 52.5 20.6
– Percent of Open Interest Shorts: 56.4 30.7 11.5
– Net Position: -2,041 1,443 598
– Gross Longs: 1,704 3,484 1,365
– Gross Shorts: 3,745 2,041 767
– Long to Short Ratio: 0.5 to 1 1.7 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 9.9 84.7 78.5
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -3.5 1.9 16.6

 


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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.