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 October 24th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.
Metals Speculator Bets led higher by Gold
The COT metals markets speculator bets were higher this week as five out of the six metals markets we cover had higher positioning while the other one markets had lower speculator contracts.
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Leading the gains for the metals was Gold (36,647 contracts) with Copper (5,129 contracts), Silver (4,586 contracts), Steel (297 contracts) and Palladium (255 contracts) also showing positive weeks.
The only market with a decline in speculator bets this week was Platinum with a small decrease of -829 contracts.
| Oct-24-2023 | OI | OI-Index | Spec-Net | Spec-Index | Com-Net | COM-Index | Smalls-Net | Smalls-Index |
|---|---|---|---|---|---|---|---|---|
| Gold | 463,476 | 19 | 149,385 | 43 | -165,873 | 60 | 16,488 | 22 |
| Silver | 123,980 | 12 | 24,332 | 53 | -34,570 | 52 | 10,238 | 23 |
| Copper | 224,704 | 62 | -20,760 | 13 | 21,401 | 89 | -641 | 14 |
| Palladium | 22,459 | 100 | -11,240 | 2 | 11,085 | 98 | 155 | 51 |
| Platinum | 84,610 | 93 | -480 | 14 | -4,832 | 83 | 5,312 | 39 |
Strength Scores led by Steel & Silver
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 Steel (77 percent) and Silver (53 percent) lead the metals markets this week. Gold (43 percent) comes in as the next highest in the weekly strength scores.
On the downside, Palladium (2 percent), Copper (13 percent) and Platinum (15 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent).
Strength Statistics:
Gold (42.8 percent) vs Gold previous week (26.7 percent)
Silver (53.0 percent) vs Silver previous week (46.4 percent)
Copper (12.9 percent) vs Copper previous week (8.5 percent)
Platinum (14.5 percent) vs Platinum previous week (16.4 percent)
Palladium (1.7 percent) vs Palladium previous week (0.0 percent)
Steel (77.5 percent) vs Palladium previous week (76.3 percent)
Gold & Silver top the 6-Week Strength Trends
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Gold (11 percent) and Silver (9 percent) lead the past six weeks trends for metals. is the next highest positive mover in the latest trends data.
Platinum (-17 percent) currently leads the downside trend scores with Copper (-7 percent) as the next market with lower trend scores.
Move Statistics:
Gold (11.2 percent) vs Gold previous week (-11.1 percent)
Silver (9.0 percent) vs Silver previous week (-10.1 percent)
Copper (-7.3 percent) vs Copper previous week (-16.5 percent)
Platinum (-16.6 percent) vs Platinum previous week (-32.9 percent)
Palladium (-3.5 percent) vs Palladium previous week (-3.1 percent)
Steel (-1.7 percent) vs Steel previous week (-5.2 percent)
Individual Markets:
Gold Comex Futures:
The Gold Comex Futures large speculator standing this week resulted in a net position of 149,385 contracts in the data reported through Tuesday. This was a weekly gain of 36,647 contracts from the previous week which had a total of 112,738 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 42.8 percent. The commercials are Bullish with a score of 59.9 percent and the small traders (not shown in chart) are Bearish with a score of 22.0 percent.
Price Trend-Following Model: Weak Downtrend (Possible Trend Change)
Our weekly trend-following model classifies the current market price position as: Weak Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.
| Gold Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 54.3 | 22.9 | 9.1 |
| – Percent of Open Interest Shorts: | 22.0 | 58.7 | 5.5 |
| – Net Position: | 149,385 | -165,873 | 16,488 |
| – Gross Longs: | 251,469 | 106,180 | 42,129 |
| – Gross Shorts: | 102,084 | 272,053 | 25,641 |
| – Long to Short Ratio: | 2.5 to 1 | 0.4 to 1 | 1.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 42.8 | 59.9 | 22.0 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 11.2 | -8.1 | -11.6 |
Silver Comex Futures:
The Silver Comex Futures large speculator standing this week resulted in a net position of 24,332 contracts in the data reported through Tuesday. This was a weekly gain of 4,586 contracts from the previous week which had a total of 19,746 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 53.0 percent. The commercials are Bullish with a score of 52.0 percent and the small traders (not shown in chart) are Bearish with a score of 23.2 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.
| Silver Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 41.8 | 30.9 | 19.0 |
| – Percent of Open Interest Shorts: | 22.2 | 58.8 | 10.7 |
| – Net Position: | 24,332 | -34,570 | 10,238 |
| – Gross Longs: | 51,860 | 38,321 | 23,527 |
| – Gross Shorts: | 27,528 | 72,891 | 13,289 |
| – Long to Short Ratio: | 1.9 to 1 | 0.5 to 1 | 1.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 53.0 | 52.0 | 23.2 |
| – Strength Index Reading (3 Year Range): | Bullish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 9.0 | -3.1 | -21.1 |
Copper Grade #1 Futures:
The Copper Grade #1 Futures large speculator standing this week resulted in a net position of -20,760 contracts in the data reported through Tuesday. This was a weekly boost of 5,129 contracts from the previous week which had a total of -25,889 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 12.9 percent. The commercials are Bullish-Extreme with a score of 89.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 14.4 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.
| Copper Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 32.0 | 39.6 | 6.6 |
| – Percent of Open Interest Shorts: | 41.2 | 30.1 | 6.9 |
| – Net Position: | -20,760 | 21,401 | -641 |
| – Gross Longs: | 71,848 | 88,951 | 14,933 |
| – Gross Shorts: | 92,608 | 67,550 | 15,574 |
| – Long to Short Ratio: | 0.8 to 1 | 1.3 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 12.9 | 89.4 | 14.4 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -7.3 | 9.5 | -19.5 |
Platinum Futures:
The Platinum Futures large speculator standing this week resulted in a net position of -480 contracts in the data reported through Tuesday. This was a weekly lowering of -829 contracts from the previous week which had a total of 349 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 14.5 percent. The commercials are Bullish-Extreme with a score of 83.5 percent and the small traders (not shown in chart) are Bearish with a score of 39.2 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.
| Platinum Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 54.4 | 27.8 | 10.8 |
| – Percent of Open Interest Shorts: | 55.0 | 33.5 | 4.6 |
| – Net Position: | -480 | -4,832 | 5,312 |
| – Gross Longs: | 46,048 | 23,554 | 9,166 |
| – Gross Shorts: | 46,528 | 28,386 | 3,854 |
| – Long to Short Ratio: | 1.0 to 1 | 0.8 to 1 | 2.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 14.5 | 83.5 | 39.2 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -16.6 | 15.6 | -4.8 |
Palladium Futures:
The Palladium Futures large speculator standing this week resulted in a net position of -11,240 contracts in the data reported through Tuesday. This was a weekly increase of 255 contracts from the previous week which had a total of -11,495 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 1.7 percent. The commercials are Bullish-Extreme with a score of 97.6 percent and the small traders (not shown in chart) are Bullish with a score of 51.0 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 Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 21.4 | 56.9 | 8.2 |
| – Percent of Open Interest Shorts: | 71.4 | 7.6 | 7.6 |
| – Net Position: | -11,240 | 11,085 | 155 |
| – Gross Longs: | 4,800 | 12,783 | 1,852 |
| – Gross Shorts: | 16,040 | 1,698 | 1,697 |
| – Long to Short Ratio: | 0.3 to 1 | 7.5 to 1 | 1.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 1.7 | 97.6 | 51.0 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -3.5 | 2.0 | 12.3 |
Steel Futures Futures:
The Steel Futures large speculator standing this week resulted in a net position of -5,469 contracts in the data reported through Tuesday. This was a weekly lift of 297 contracts from the previous week which had a total of -5,766 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 77.5 percent. The commercials are Bearish with a score of 23.4 percent and the small traders (not shown in chart) are Bearish with a score of 21.2 percent.
Price Trend-Following Model: Weak Downtrend (Possible Trend Change)
Our weekly trend-following model classifies the current market price position as: Weak Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.
| Steel Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 10.8 | 83.2 | 1.2 |
| – Percent of Open Interest Shorts: | 36.6 | 57.0 | 1.6 |
| – Net Position: | -5,469 | 5,571 | -102 |
| – Gross Longs: | 2,300 | 17,678 | 246 |
| – Gross Shorts: | 7,769 | 12,107 | 348 |
| – Long to Short Ratio: | 0.3 to 1 | 1.5 to 1 | 0.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 77.5 | 23.4 | 21.2 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -1.7 | 1.5 | 5.5 |
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.
All information and opinions on this website and contained in this article are for general informational purposes only and do not constitute investment advice.
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