COT Metals Charts: Speculator bets mostly lower this week

May 15, 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 May 10th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Metals speculator bets overall were lower this week with four out of the five metals markets we cover seeing lower bets on the week. The metals markets are seeing a cool off in their speculative positions as well as their prices as most of these markets are down from a short-term peak in early March.

The only market with higher speculator bets this week was Platinum (2,904 contracts).

The markets with declining speculator bets this week were Silver (-8,986 contracts), Gold (-5,853 contracts), Copper (-7,003 contracts) and Palladium (-493 contracts).


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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 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
May-10-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,736,594 0 310,803 2 -354,479 98 43,676 77
Gold 571,447 34 193,315 40 -227,756 57 34,441 57
Silver 142,752 9 19,082 41 -30,519 69 11,437 9
Copper 184,502 15 -22,626 26 19,249 73 3,377 45
Palladium 8,832 11 -3,245 3 3,434 96 -189 33
Platinum 66,064 32 1,363 5 -5,373 98 4,010 18
Natural Gas 1,108,451 6 -112,529 45 64,006 51 48,523 100
Brent 173,911 19 -31,215 59 30,562 44 653 18
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 694,454 20 174,608 72 -147,698 33 -26,910 26
Corn 1,510,783 23 470,908 90 -415,345 13 -55,563 11
Coffee 212,659 5 32,555 69 -33,559 37 1,004 0
Sugar 797,453 0 187,185 75 -220,611 26 33,426 49
Wheat 308,326 0 21,686 48 -17,779 34 -3,907 92

 


Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week reached a net position of 193,315 contracts in the data reported through Tuesday. This was a weekly lowering of -5,853 contracts from the previous week which had a total of 199,168 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 39.9 percent. The commercials are Bullish with a score of 56.8 percent and the small traders (not shown in chart) are Bullish with a score of 57.3 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 50.6 23.1 9.1
– Percent of Open Interest Shorts: 16.7 63.0 3.1
– Net Position: 193,315 -227,756 34,441
– Gross Longs: 288,947 132,251 52,098
– Gross Shorts: 95,632 360,007 17,657
– Long to Short Ratio: 3.0 to 1 0.4 to 1 3.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 39.9 56.8 57.3
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -24.1 21.0 19.4

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week reached a net position of 19,082 contracts in the data reported through Tuesday. This was a weekly fall of -8,986 contracts from the previous week which had a total of 28,068 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 41.4 percent. The commercials are Bullish with a score of 69.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 9.5 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 41.9 36.9 17.4
– Percent of Open Interest Shorts: 28.5 58.3 9.4
– Net Position: 19,082 -30,519 11,437
– Gross Longs: 59,829 52,637 24,862
– Gross Shorts: 40,747 83,156 13,425
– Long to Short Ratio: 1.5 to 1 0.6 to 1 1.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 41.4 69.0 9.5
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -29.1 30.3 -9.9

 


Copper Grade #1 Futures:

The Copper Grade #1 Futures large speculator standing this week reached a net position of -22,626 contracts in the data reported through Tuesday. This was a weekly lowering of -7,003 contracts from the previous week which had a total of -15,623 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 26.1 percent. The commercials are Bullish with a score of 72.7 percent and the small traders (not shown in chart) are Bearish with a score of 44.8 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 31.2 50.6 9.3
– Percent of Open Interest Shorts: 43.4 40.1 7.5
– Net Position: -22,626 19,249 3,377
– Gross Longs: 57,510 93,318 17,183
– Gross Shorts: 80,136 74,069 13,806
– Long to Short Ratio: 0.7 to 1 1.3 to 1 1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 26.1 72.7 44.8
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -38.3 38.9 -19.5

 


Platinum Futures:

The Platinum Futures large speculator standing this week reached a net position of 1,363 contracts in the data reported through Tuesday. This was a weekly rise of 2,904 contracts from the previous week which had a total of -1,541 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 Bearish-Extreme with a score of 5.3 percent. The commercials are Bullish-Extreme with a score of 97.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.9 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 43.6 39.8 12.2
– Percent of Open Interest Shorts: 41.5 47.9 6.1
– Net Position: 1,363 -5,373 4,010
– Gross Longs: 28,774 26,293 8,029
– Gross Shorts: 27,411 31,666 4,019
– Long to Short Ratio: 1.0 to 1 0.8 to 1 2.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 5.3 97.6 17.9
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -18.1 21.2 -38.4

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week reached a net position of -3,245 contracts in the data reported through Tuesday. This was a weekly decrease of -493 contracts from the previous week which had a total of -2,752 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 3.0 percent. The commercials are Bullish-Extreme with a score of 96.1 percent and the small traders (not shown in chart) are Bearish with a score of 32.9 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 11.5 59.0 11.1
– Percent of Open Interest Shorts: 48.2 20.1 13.3
– Net Position: -3,245 3,434 -189
– Gross Longs: 1,013 5,209 982
– Gross Shorts: 4,258 1,775 1,171
– Long to Short Ratio: 0.2 to 1 2.9 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 3.0 96.1 32.9
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -7.1 11.8 -48.4

 


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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.