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 January 30th 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 Copper & 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 Copper (21,325 contracts) with Silver (3,689 contracts), Platinum (3,208 contracts) and Palladium (917 contracts) also having positive weeks.
The market leading the declines in speculator bets for the week was Gold (-21,683 contracts) with Steel (-255 contracts) also recording slightly lower bets for the week.
Metals – Speculators Leaderboard
Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)
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 (88 percent) and Silver (52 percent) lead the metals markets this week.
On the downside, Palladium (6 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent). The next lowest strength score was Copper (24 percent).
Strength Statistics:
Gold (43.1 percent) vs Gold previous week (52.8 percent)
Silver (52.1 percent) vs Silver previous week (46.5 percent)
Copper (24.4 percent) vs Copper previous week (5.2 percent)
Platinum (42.2 percent) vs Platinum previous week (34.8 percent)
Palladium (6.2 percent) vs Palladium previous week (0.0 percent)
Steel (88.0 percent) vs Palladium previous week (88.9 percent)
Steel & Silver top the 6-Week Strength Trends
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that all the metals markets were in negative 6-week trends. Steel (-9 percent) had the least negative trend score over the past six weeks for metals while Gold (-24 percent) came in as the market with the largest negative trend score.
Move Statistics:
Gold (-24.1 percent) vs Gold previous week (-8.4 percent)
Silver (-12.7 percent) vs Silver previous week (-16.3 percent)
Copper (-12.7 percent) vs Copper previous week (-23.3 percent)
Platinum (-12.6 percent) vs Platinum previous week (1.5 percent)
Palladium (-15.8 percent) vs Palladium previous week (-6.7 percent)
Steel (-8.8 percent) vs Steel previous week (-5.5 percent)
Individual Markets:
Gold Comex Futures:
The Gold Comex Futures large speculator standing this week totaled a net position of 147,791 contracts in the data reported through Tuesday. This was a weekly reduction of -21,683 contracts from the previous week which had a total of 169,474 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 43.1 percent. The commercials are Bullish with a score of 55.7 percent and the small traders (not shown in chart) are Bearish with a score of 44.9 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.
| Gold Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 50.9 | 27.3 | 10.5 |
| – Percent of Open Interest Shorts: | 16.6 | 66.9 | 5.3 |
| – Net Position: | 147,791 | -170,518 | 22,727 |
| – Gross Longs: | 219,222 | 117,525 | 45,364 |
| – Gross Shorts: | 71,431 | 288,043 | 22,637 |
| – Long to Short Ratio: | 3.1 to 1 | 0.4 to 1 | 2.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 43.1 | 55.7 | 44.9 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -24.1 | 23.1 | -9.1 |
Silver Comex Futures:
The Silver Comex Futures large speculator standing this week totaled a net position of 21,426 contracts in the data reported through Tuesday. This was a weekly gain of 3,689 contracts from the previous week which had a total of 17,737 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 52.1 percent. The commercials are Bearish with a score of 46.1 percent and the small traders (not shown in chart) are Bullish with a score of 57.4 percent.
Price Trend-Following Model: Weak Uptrend
Our weekly trend-following model classifies the current market price position as: Weak Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.
| Silver Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 38.7 | 30.3 | 22.1 |
| – Percent of Open Interest Shorts: | 23.0 | 58.0 | 10.1 |
| – Net Position: | 21,426 | -37,778 | 16,352 |
| – Gross Longs: | 52,778 | 41,387 | 30,191 |
| – Gross Shorts: | 31,352 | 79,165 | 13,839 |
| – Long to Short Ratio: | 1.7 to 1 | 0.5 to 1 | 2.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 52.1 | 46.1 | 57.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -12.7 | 13.9 | -15.0 |
Copper Grade #1 Futures:
The Copper Grade #1 Futures large speculator standing this week totaled a net position of -8,598 contracts in the data reported through Tuesday. This was a weekly boost of 21,325 contracts from the previous week which had a total of -29,923 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 24.4 percent. The commercials are Bullish with a score of 77.7 percent and the small traders (not shown in chart) are Bearish with a score of 26.9 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.
| Copper Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 31.0 | 39.6 | 7.5 |
| – Percent of Open Interest Shorts: | 34.7 | 36.4 | 6.9 |
| – Net Position: | -8,598 | 7,271 | 1,327 |
| – Gross Longs: | 71,100 | 90,929 | 17,116 |
| – Gross Shorts: | 79,698 | 83,658 | 15,789 |
| – Long to Short Ratio: | 0.9 to 1 | 1.1 to 1 | 1.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 24.4 | 77.7 | 26.9 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -12.7 | 12.4 | -4.8 |
Platinum Futures:
The Platinum Futures large speculator standing this week totaled a net position of 11,549 contracts in the data reported through Tuesday. This was a weekly lift of 3,208 contracts from the previous week which had a total of 8,341 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 42.2 percent. The commercials are Bullish with a score of 58.2 percent and the small traders (not shown in chart) are Bearish with a score of 42.0 percent.
Price Trend-Following Model: Weak Uptrend
Our weekly trend-following model classifies the current market price position as: Weak Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.
| Platinum Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 59.0 | 23.9 | 12.0 |
| – Percent of Open Interest Shorts: | 43.4 | 46.8 | 4.6 |
| – Net Position: | 11,549 | -17,074 | 5,525 |
| – Gross Longs: | 43,818 | 17,727 | 8,942 |
| – Gross Shorts: | 32,269 | 34,801 | 3,417 |
| – Long to Short Ratio: | 1.4 to 1 | 0.5 to 1 | 2.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 42.2 | 58.2 | 42.0 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -12.6 | 9.2 | 13.0 |
Palladium Futures:
The Palladium Futures large speculator standing this week totaled a net position of -10,700 contracts in the data reported through Tuesday. This was a weekly rise of 917 contracts from the previous week which had a total of -11,617 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 6.2 percent. The commercials are Bullish-Extreme with a score of 92.4 percent and the small traders (not shown in chart) are Bullish with a score of 65.6 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: | 20.8 | 53.1 | 8.7 |
| – Percent of Open Interest Shorts: | 66.0 | 9.6 | 7.0 |
| – Net Position: | -10,700 | 10,302 | 398 |
| – Gross Longs: | 4,927 | 12,574 | 2,065 |
| – Gross Shorts: | 15,627 | 2,272 | 1,667 |
| – Long to Short Ratio: | 0.3 to 1 | 5.5 to 1 | 1.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 6.2 | 92.4 | 65.6 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -15.8 | 9.2 | 55.0 |
Steel Futures Futures:
The Steel Futures large speculator standing this week totaled a net position of -2,187 contracts in the data reported through Tuesday. This was a weekly decline of -255 contracts from the previous week which had a total of -1,932 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 88.0 percent. The commercials are Bearish-Extreme with a score of 12.2 percent and the small traders (not shown in chart) are Bullish with a score of 54.8 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.
| Steel Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 10.6 | 83.1 | 1.8 |
| – Percent of Open Interest Shorts: | 19.5 | 75.1 | 1.0 |
| – Net Position: | -2,187 | 1,982 | 205 |
| – Gross Longs: | 2,612 | 20,479 | 440 |
| – Gross Shorts: | 4,799 | 18,497 | 235 |
| – Long to Short Ratio: | 0.5 to 1 | 1.1 to 1 | 1.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 88.0 | 12.2 | 54.8 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -8.8 | 9.1 | -8.4 |
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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