12 Jun

COT Week 23 Charts: Precious Metals Speculator bets mostly higher lead by Copper & Platinum

June 12, 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 June 7th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

COT metals market speculator bets were mostly rising this week as five out of the six metals markets we cover had higher positioning this week while only one market had lower contracts.

Leading the gains for the precious metals markets was Copper (14,311 contracts) and Platinum (3,570 contracts) with Silver (3,407 contracts) and Gold (2,679 contracts) also showing a positive week. Meanwhile, the only market with declines in speculator bets this week was Palladium with a fall of -328 contracts.

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Strength scores (3-Year range of Speculator positions, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show that only Copper (39.7 percent) is not in an extreme-bearish position at the current time. Using the Strength Index as a contrarian signal, the metals markets could be at attractive levels depending on the fundamental and technical factors of each market.

Strength score trends (or move index, that calculate 6-week changes in strength scores) shows that only Platinum has been trending higher over the past six weeks. On the downside, Silver and the Gold have shown the largest downward trends.

Data Snapshot of Commodity Market Traders | Columns Legend
Jun-07-2022OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index
WTI Crude1,790,61810328,2568-369,0339340,77772
Gold494,13012175,2687-199,8869524,61818
Silver148,2941517,4045-27,9909410,58610
Copper194,18722-3,71440879602,83542
Palladium7,0353-3,46123,58197-12037
Platinum65,295315,93312-9,742923,80915
Natural Gas1,127,73110-114,3424466,4195247,92393
Brent169,80216-36,0985134,208501,89035
Heating Oil261,651204,88650-24,4284519,54266
Soybeans760,44435176,64468-148,39039-28,25423
Corn1,557,16731391,26480-337,13724-54,12712
Coffee222,5831548,76781-51,363232,59616
Sugar849,81412195,40377-234,4962439,09356
Wheat333,7051223,88150-19,86331-4,01890

 

Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week recorded a net position of 175,268 contracts in the data reported through Tuesday. This was a weekly increase of 2,679 contracts from the previous week which had a total of 172,589 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 6.8 percent. The commercials are Bullish-Extreme with a score of 95.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 18.0 percent.

Gold Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:54.723.78.9
– Percent of Open Interest Shorts:19.264.13.9
– Net Position:175,268-199,88624,618
– Gross Longs:270,356116,96544,090
– Gross Shorts:95,088316,85119,472
– Long to Short Ratio:2.8 to 10.4 to 12.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):6.895.018.0
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-22.325.3-23.5

 

Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week recorded a net position of 17,404 contracts in the data reported through Tuesday. This was a weekly rise of 3,407 contracts from the previous week which had a total of 13,997 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 93.9 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 10.2 percent.

Silver Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:37.036.916.9
– Percent of Open Interest Shorts:25.355.89.8
– Net Position:17,404-27,99010,586
– Gross Longs:54,89954,70725,089
– Gross Shorts:37,49582,69714,503
– Long to Short Ratio:1.5 to 10.7 to 11.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):5.393.910.2
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-28.226.8-15.3

 

Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week recorded a net position of -3,714 contracts in the data reported through Tuesday. This was a weekly rise of 14,311 contracts from the previous week which had a total of -18,025 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 39.7 percent. The commercials are Bullish with a score of 60.1 percent and the small traders (not shown in chart) are Bearish with a score of 41.7 percent.

Copper Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:30.051.78.6
– Percent of Open Interest Shorts:31.951.37.1
– Net Position:-3,7148792,835
– Gross Longs:58,232100,44916,646
– Gross Shorts:61,94699,57013,811
– Long to Short Ratio:0.9 to 11.0 to 11.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):39.760.141.7
– Strength Index Reading (3 Year Range):BearishBullishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:0.12.8-23.7

 

Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week recorded a net position of 5,933 contracts in the data reported through Tuesday. This was a weekly advance of 3,570 contracts from the previous week which had a total of 2,363 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 11.9 percent. The commercials are Bullish-Extreme with a score of 91.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.1 percent.

Platinum Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:41.441.111.5
– Percent of Open Interest Shorts:32.356.05.6
– Net Position:5,933-9,7423,809
– Gross Longs:27,00426,8237,479
– Gross Shorts:21,07136,5653,670
– Long to Short Ratio:1.3 to 10.7 to 12.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):11.991.615.1
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:11.9-7.9-35.4

 

Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week recorded a net position of -3,461 contracts in the data reported through Tuesday. This was a weekly decline of -328 contracts from the previous week which had a total of -3,133 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 1.8 percent. The commercials are Bullish-Extreme with a score of 96.9 percent and the small traders (not shown in chart) are Bearish with a score of 36.9 percent.

Palladium Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:13.470.915.2
– Percent of Open Interest Shorts:62.620.016.9
– Net Position:-3,4613,581-120
– Gross Longs:9434,9851,072
– Gross Shorts:4,4041,4041,192
– Long to Short Ratio:0.2 to 13.6 to 10.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):1.896.936.9
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-5.58.3-29.3

 

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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