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 September 10th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.
The COT metals markets speculator bets were mixed this week as three out of the six metals markets we cover had higher positioning while the other three markets had lower speculator contracts.
Free Reports:
Leading the gains for the metals was Platinum (8,615 contracts) with Palladium (645 contracts) and Steel (155 contracts) also having positive weeks.
The markets with declines in speculator bets for the week were Gold (-5,057 contracts), Silver (-1,317 contracts) and with Copper (-149 contracts) also recording lower bets on the week.
Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)
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 Gold (95 percent) and Steel (83 percent) lead the metals markets this week. Silver (78 percent) comes in as the next highest in the weekly strength scores.
On the downside, Palladium (21 percent) comes in at the lowest strength level currently. The next lowest strength scores are Platinum (45 percent) and Copper (45 percent).
Strength Statistics:
Gold (95.1 percent) vs Gold previous week (97.2 percent)
Silver (77.9 percent) vs Silver previous week (79.7 percent)
Copper (45.2 percent) vs Copper previous week (45.3 percent)
Platinum (44.7 percent) vs Platinum previous week (21.7 percent)
Palladium (21.4 percent) vs Palladium previous week (16.7 percent)
Steel (82.7 percent) vs Palladium previous week (82.1 percent)
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Gold (15 percent) and Palladium (15 percent) lead the past six weeks trends for metals. Steel (9 percent) is the next highest positive mover in the latest trends data.
Platinum (-12 percent) leads the downside trend scores currently with Copper (-11 percent) as the next market with lower trend scores.
Move Statistics:
Gold (14.8 percent) vs Gold previous week (6.0 percent)
Silver (-5.8 percent) vs Silver previous week (-7.2 percent)
Copper (-10.9 percent) vs Copper previous week (-27.2 percent)
Platinum (-11.5 percent) vs Platinum previous week (-28.9 percent)
Palladium (15.4 percent) vs Palladium previous week (4.6 percent)
Steel (8.8 percent) vs Steel previous week (10.2 percent)
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 95.1 percent. The commercials are Bearish-Extreme with a score of 5.9 percent and the small traders (not shown in chart) are Bullish with a score of 59.0 percent.
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.
| Gold Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 66.5 | 15.3 | 10.0 |
| – Percent of Open Interest Shorts: | 11.2 | 75.3 | 5.2 |
| – Net Position: | 282,501 | -306,899 | 24,398 |
| – Gross Longs: | 340,006 | 78,232 | 50,937 |
| – Gross Shorts: | 57,505 | 385,131 | 26,539 |
| – Long to Short Ratio: | 5.9 to 1 | 0.2 to 1 | 1.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 95.1 | 5.9 | 59.0 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 14.8 | -13.1 | -6.7 |
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 77.9 percent. The commercials are Bearish with a score of 25.3 percent and the small traders (not shown in chart) are Bullish with a score of 54.6 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: New Buy – Long Position.
| Silver Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 47.8 | 23.6 | 21.9 |
| – Percent of Open Interest Shorts: | 13.1 | 71.7 | 8.4 |
| – Net Position: | 44,742 | -62,086 | 17,344 |
| – Gross Longs: | 61,649 | 30,386 | 28,230 |
| – Gross Shorts: | 16,907 | 92,472 | 10,886 |
| – Long to Short Ratio: | 3.6 to 1 | 0.3 to 1 | 2.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 77.9 | 25.3 | 54.6 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -5.8 | 9.2 | -19.2 |
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 45.2 percent. The commercials are Bullish with a score of 54.6 percent and the small traders (not shown in chart) are Bullish with a score of 51.9 percent.
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 Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 36.8 | 34.8 | 9.6 |
| – Percent of Open Interest Shorts: | 30.5 | 43.9 | 6.8 |
| – Net Position: | 12,812 | -18,448 | 5,636 |
| – Gross Longs: | 74,754 | 70,851 | 19,482 |
| – Gross Shorts: | 61,942 | 89,299 | 13,846 |
| – Long to Short Ratio: | 1.2 to 1 | 0.8 to 1 | 1.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 45.2 | 54.6 | 51.9 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -10.9 | 14.8 | -33.6 |
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 44.7 percent. The commercials are Bearish with a score of 47.8 percent and the small traders (not shown in chart) are Bullish with a score of 63.4 percent.
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.
| Platinum Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 53.6 | 24.0 | 12.4 |
| – Percent of Open Interest Shorts: | 41.8 | 43.4 | 4.8 |
| – Net Position: | 10,003 | -16,416 | 6,413 |
| – Gross Longs: | 45,427 | 20,370 | 10,508 |
| – Gross Shorts: | 35,424 | 36,786 | 4,095 |
| – Long to Short Ratio: | 1.3 to 1 | 0.6 to 1 | 2.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 44.7 | 47.8 | 63.4 |
| – Strength Index Reading (3 Year Range): | Bearish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -11.5 | 12.3 | -4.7 |
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 21.4 percent. The commercials are Bullish-Extreme with a score of 82.8 percent and the small traders (not shown in chart) are Bearish with a score of 30.6 percent.
Our weekly trend-following model classifies the current market price position as: Uptrend. The current action for the model is considered to be: New Buy – Long Position.
| Palladium Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 28.1 | 60.7 | 7.1 |
| – Percent of Open Interest Shorts: | 77.5 | 11.1 | 7.3 |
| – Net Position: | -10,988 | 11,049 | -61 |
| – Gross Longs: | 6,245 | 13,513 | 1,569 |
| – Gross Shorts: | 17,233 | 2,464 | 1,630 |
| – Long to Short Ratio: | 0.4 to 1 | 5.5 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 21.4 | 82.8 | 30.6 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 15.4 | -4.7 | -69.4 |
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 82.7 percent. The commercials are Bearish-Extreme with a score of 18.3 percent and the small traders (not shown in chart) are Bearish with a score of 32.2 percent.
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: | 19.3 | 70.0 | 0.8 |
| – Percent of Open Interest Shorts: | 35.3 | 54.0 | 0.8 |
| – Net Position: | -3,577 | 3,579 | -2 |
| – Gross Longs: | 4,327 | 15,668 | 169 |
| – Gross Shorts: | 7,904 | 12,089 | 171 |
| – Long to Short Ratio: | 0.5 to 1 | 1.3 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 82.7 | 18.3 | 32.2 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 8.8 | -9.3 | 14.3 |
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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