Metals Speculators reduce Platinum bets for 3rd week to 13-week low

April 16, 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 April 12th 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 declines in the Platinum futures bets. The speculative net position in Platinum futures has fallen for three consecutive weeks and in four out of the past five weeks. Speculator positions have dropped by a total of -19,418 contracts over those past five weeks and the current speculator standing has now decreased to the lowest level in the past thirteen weeks, dating back to November 11th. Despite a strong environment in general for commodities, Platinum speculator bets are under performing in 2022 with a weekly average of +13,284 contracts compared to weekly contract averages of +25,542 contracts in all of 2020 and +19,324 contracts in all of 2021. Overall, Platinum and Palladium (-2,033 net position this week) have been seeing weakness in their speculative positions as well as their prices compared to the other metals (Gold, Silver and Copper).

The metals markets with higher speculator bets this week were Silver (952 contracts), Gold (8,746 contracts) and Palladium (8 contracts) while the metals markets with declining speculator bets this week were Copper (-12,792 contracts) and Platinum (-4,875 contracts).


COT Commodities Open Interest Comparison

Speculator 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


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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-12-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,783,725 0 304,778 0 -350,603 100 45,825 80
Gold 577,639 40 254,287 69 -288,093 30 33,806 60
Silver 158,813 24 45,986 68 -63,690 36 17,704 46
Copper 204,825 30 23,350 59 -29,249 39 5,899 59
Palladium 6,340 0 -2,033 10 1,402 84 631 80
Platinum 63,363 27 6,415 11 -13,233 90 6,818 57
Natural Gas 1,170,828 20 -137,549 37 90,221 59 47,328 99
Brent 190,488 32 -36,318 50 33,933 50 2,385 41
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 752,157 34 198,295 79 -170,694 26 -27,601 24
Corn 1,589,848 36 495,581 93 -443,706 9 -51,875 13
Coffee 214,938 0 47,929 83 -52,716 19 4,787 24
Sugar 916,130 23 239,864 86 -301,628 11 61,764 84
Wheat 338,271 1 23,886 67 -21,258 20 -2,628 99

 


Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week equaled a net position of 254,287 contracts in the data reported through Tuesday. This was a weekly lift of 8,746 contracts from the previous week which had a total of 245,541 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 68.6 percent. The commercials are Bearish with a score of 29.7 percent and the small traders (not shown in chart) are Bullish with a score of 60.1 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 58.5 21.7 9.6
– Percent of Open Interest Shorts: 14.5 71.6 3.7
– Net Position: 254,287 -288,093 33,806
– Gross Longs: 338,164 125,627 55,264
– Gross Shorts: 83,877 413,720 21,458
– Long to Short Ratio: 4.0 to 1 0.3 to 1 2.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 68.6 29.7 60.1
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -1.1 -0.7 16.0

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week equaled a net position of 45,986 contracts in the data reported through Tuesday. This was a weekly lift of 952 contracts from the previous week which had a total of 45,034 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 68.2 percent. The commercials are Bearish with a score of 36.4 percent and the small traders (not shown in chart) are Bearish with a score of 46.0 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 41.8 32.2 18.8
– Percent of Open Interest Shorts: 12.8 72.3 7.7
– Net Position: 45,986 -63,690 17,704
– Gross Longs: 66,356 51,139 29,877
– Gross Shorts: 20,370 114,829 12,173
– Long to Short Ratio: 3.3 to 1 0.4 to 1 2.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 68.2 36.4 46.0
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 1.0 -6.4 32.0

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week equaled a net position of 23,350 contracts in the data reported through Tuesday. This was a weekly decline of -12,792 contracts from the previous week which had a total of 36,142 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 59.2 percent. The commercials are Bearish with a score of 39.4 percent and the small traders (not shown in chart) are Bullish with a score of 59.4 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 40.0 39.8 8.8
– Percent of Open Interest Shorts: 28.6 54.1 5.9
– Net Position: 23,350 -29,249 5,899
– Gross Longs: 81,940 81,559 17,972
– Gross Shorts: 58,590 110,808 12,073
– Long to Short Ratio: 1.4 to 1 0.7 to 1 1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 59.2 39.4 59.4
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 0.9 0.1 -8.0

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week equaled a net position of 6,415 contracts in the data reported through Tuesday. This was a weekly decline of -4,875 contracts from the previous week which had a total of 11,290 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 10.9 percent. The commercials are Bullish-Extreme with a score of 90.1 percent and the small traders (not shown in chart) are Bullish with a score of 57.2 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 45.0 34.0 16.5
– Percent of Open Interest Shorts: 34.9 54.9 5.7
– Net Position: 6,415 -13,233 6,818
– Gross Longs: 28,544 21,537 10,461
– Gross Shorts: 22,129 34,770 3,643
– Long to Short Ratio: 1.3 to 1 0.6 to 1 2.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 10.9 90.1 57.2
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -15.3 15.7 -6.8

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week equaled a net position of -2,033 contracts in the data reported through Tuesday. This was a weekly gain of 8 contracts from the previous week which had a total of -2,041 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 10.0 percent. The commercials are Bullish-Extreme with a score of 84.5 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 80.4 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 26.1 51.6 21.7
– Percent of Open Interest Shorts: 58.1 29.5 11.7
– Net Position: -2,033 1,402 631
– Gross Longs: 1,653 3,273 1,374
– Gross Shorts: 3,686 1,871 743
– Long to Short Ratio: 0.4 to 1 1.7 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 10.0 84.5 80.4
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -6.5 5.6 8.7

 


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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.