23 Jul

COT Metals Charts: Weekly Speculator Changes led by Gold & Silver

July 23, 2023

By InvestMacro

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 July 18th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Gold & Silver

The COT metals markets speculator bets were higher this week as four out of the six metals markets we cover had higher positioning while the other two markets had lower speculator contracts.

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Leading the gains for the metals was Gold (27,594 contracts) with Silver (23,570 contracts), Platinum (7,949 contracts) and Copper (7,607 contracts) also having positive weeks.

The markets with declines in speculator bets for the week were Palladium (-78 contracts) and Steel (-169 contracts).

Data Snapshot of Commodity Market Traders | Columns Legend
Jul-18-2023OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index
Gold482,10428193,34862-213,7154120,36731
Silver146,8633643,86281-55,9832612,12134
Copper216,86256-3,55028-1,054714,60448
Palladium16,017100-8,35008,837100-48712
Platinum65,8345415,73652-19,674533,93821

 

Strength Scores led by Silver & Steel

COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Silver (81 percent) and Steel (72 percent) lead the metals markets this week. comes in as the next highest in the weekly strength scores.

On the downside, Palladium (0 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent).

Strength Statistics:
Gold (62.2 percent) vs Gold previous week (50.0 percent)
Silver (80.8 percent) vs Silver previous week (47.2 percent)
Copper (27.8 percent) vs Copper previous week (21.2 percent)
Platinum (51.9 percent) vs Platinum previous week (33.6 percent)
Palladium (0.0 percent) vs Palladium previous week (0.6 percent)
Steel (72.1 percent) vs Palladium previous week (72.6 percent)

Silver & Copper top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Silver (32 percent) and Copper (19 percent) lead the past six weeks trends for metals.  is the next highest positive mover in the latest trends data.

Platinum (-20 percent) and Palladium (-14 percent) lead the downside trend scores currently.

Move Statistics:
Gold (7.8 percent) vs Gold previous week (-1.6 percent)
Silver (31.9 percent) vs Silver previous week (-1.2 percent)
Copper (19.4 percent) vs Copper previous week (21.2 percent)
Platinum (-20.5 percent) vs Platinum previous week (-36.0 percent)
Palladium (-14.5 percent) vs Palladium previous week (-18.4 percent)
Steel (6.8 percent) vs Steel previous week (14.8 percent)

Individual Markets:

Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week totaled a net position of 193,348 contracts in the data reported through Tuesday. This was a weekly rise of 27,594 contracts from the previous week which had a total of 165,754 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 62.2 percent. The commercials are Bearish with a score of 41.4 percent and the small traders (not shown in chart) are Bearish with a score of 31.0 percent.

Price Trend-Following Model: Weak Downtrend

Our weekly trend-following model classifies the current market price position as: Weak Downtrend. The current action for the model is considered to be: New Sell – Short Position.

Gold Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:54.724.09.5
– Percent of Open Interest Shorts:14.668.35.3
– Net Position:193,348-213,71520,367
– Gross Longs:263,740115,49845,784
– Gross Shorts:70,392329,21325,417
– Long to Short Ratio:3.7 to 10.4 to 11.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):62.241.431.0
– Strength Index Reading (3 Year Range):BullishBearishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:7.8-6.0-5.5

 

Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week totaled a net position of 43,862 contracts in the data reported through Tuesday. This was a weekly increase of 23,570 contracts from the previous week which had a total of 20,292 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-Extreme with a score of 80.8 percent. The commercials are Bearish with a score of 26.1 percent and the small traders (not shown in chart) are Bearish with a score of 33.7 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.

Silver Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:52.026.416.7
– Percent of Open Interest Shorts:22.264.58.5
– Net Position:43,862-55,98312,121
– Gross Longs:76,42038,71024,540
– Gross Shorts:32,55894,69312,419
– Long to Short Ratio:2.3 to 10.4 to 12.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):80.826.133.7
– Strength Index Reading (3 Year Range):Bullish-ExtremeBearishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:31.9-26.5-2.6

 

Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week totaled a net position of -3,550 contracts in the data reported through Tuesday. This was a weekly rise of 7,607 contracts from the previous week which had a total of -11,157 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 27.8 percent. The commercials are Bullish with a score of 70.8 percent and the small traders (not shown in chart) are Bearish with a score of 47.5 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

Copper Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:31.041.38.2
– Percent of Open Interest Shorts:32.741.86.0
– Net Position:-3,550-1,0544,604
– Gross Longs:67,32189,48817,684
– Gross Shorts:70,87190,54213,080
– Long to Short Ratio:0.9 to 11.0 to 11.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):27.870.847.5
– Strength Index Reading (3 Year Range):BearishBullishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:19.4-21.220.6

 

Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week totaled a net position of 15,736 contracts in the data reported through Tuesday. This was a weekly rise of 7,949 contracts from the previous week which had a total of 7,787 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 51.9 percent. The commercials are Bullish with a score of 52.8 percent and the small traders (not shown in chart) are Bearish with a score of 20.9 percent.

Price Trend-Following Model: Strong Downtrend

Our weekly trend-following model classifies the current market price position as: Strong Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

Platinum Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:58.126.210.9
– Percent of Open Interest Shorts:34.256.14.9
– Net Position:15,736-19,6743,938
– Gross Longs:38,25617,2547,148
– Gross Shorts:22,52036,9283,210
– Long to Short Ratio:1.7 to 10.5 to 12.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):51.952.820.9
– Strength Index Reading (3 Year Range):BullishBullishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-20.518.8-2.6

 

Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week totaled a net position of -8,350 contracts in the data reported through Tuesday. This was a weekly fall of -78 contracts from the previous week which had a total of -8,272 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 12.4 percent.

Price Trend-Following Model: Strong Downtrend

Our weekly trend-following model classifies the current market price position as: Strong Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

Palladium Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:23.361.48.7
– Percent of Open Interest Shorts:75.56.311.8
– Net Position:-8,3508,837-487
– Gross Longs:3,7389,8401,398
– Gross Shorts:12,0881,0031,885
– Long to Short Ratio:0.3 to 19.8 to 10.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):0.0100.012.4
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-14.512.46.2

 

Steel Futures Futures:

Steel Futures COT ChartThe Steel Futures large speculator standing this week totaled a net position of -370 contracts in the data reported through Tuesday. This was a weekly reduction of -169 contracts from the previous week which had a total of -201 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 72.1 percent. The commercials are Bearish with a score of 27.5 percent and the small traders (not shown in chart) are Bearish with a score of 47.3 percent.

Price Trend-Following Model: Strong Downtrend

Our weekly trend-following model classifies the current market price position as: Strong Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

Steel Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:18.074.21.7
– Percent of Open Interest Shorts:19.573.60.8
– Net Position:-370160210
– Gross Longs:4,35517,966411
– Gross Shorts:4,72517,806201
– Long to Short Ratio:0.9 to 11.0 to 12.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):72.127.547.3
– Strength Index Reading (3 Year Range):BullishBearishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:6.8-7.112.5

 

Article By InvestMacro – Receive our weekly COT Newsletter

*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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