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 December 10th 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
The COT metals markets speculator bets were overall lower this week as two out of the six metals markets we cover had higher positioning while the other four markets had lower speculator contracts.
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Leading the gains for the metals was Gold (15,850 contracts) with Copper (493 contracts) also recording positive weeks.
The markets with declines in speculator bets for the week were Platinum (-5,657 contracts), Silver (-2,095 contracts), Palladium (-386 contracts) and with Steel (-784 contracts) also seeing lower bets on the week.
Metals Net 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 & Gold
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 (86 percent) and Gold (85 percent) lead the metals markets this week. comes in as the next highest in the weekly strength scores.
On the downside, Copper (43 percent) comes in at the lowest strength level currently and is the only market that is below the midpoint line (50 percent) of the past three years.
Strength Statistics:
Gold (84.9 percent) vs Gold previous week (78.9 percent)
Silver (68.2 percent) vs Silver previous week (70.8 percent)
Copper (43.4 percent) vs Copper previous week (43.0 percent)
Platinum (51.0 percent) vs Platinum previous week (64.4 percent)
Palladium (57.8 percent) vs Palladium previous week (60.6 percent)
Steel (85.7 percent) vs Palladium previous week (88.7 percent)
Gold & Steel top the 6-Week Strength Trends
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Gold (-1 percent) is leading the past six weeks trends for metals by falling the least in that time period. All of the metals markets are seeing negative 6-week trends with Platinum (-49 percent) recording the largest downside trend score currently.
Move Statistics:
Gold (-1.2 percent) vs Gold previous week (-13.8 percent)
Silver (-24.3 percent) vs Silver previous week (-29.2 percent)
Copper (-11.9 percent) vs Copper previous week (-20.5 percent)
Platinum (-49.0 percent) vs Platinum previous week (-34.0 percent)
Palladium (-26.2 percent) vs Palladium previous week (-4.1 percent)
Steel (-10.0 percent) vs Steel previous week (-3.5 percent)
Individual Markets:
Gold Comex Futures:
The Gold Comex Futures large speculator standing this week was a net position of 275,586 contracts in the data reported through Tuesday. This was a weekly rise of 15,850 contracts from the previous week which had a total of 259,736 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 84.9 percent. The commercials are Bearish-Extreme with a score of 15.4 percent and the small traders (not shown in chart) are Bearish with a score of 47.8 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend.
| Gold Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 67.1 | 13.7 | 9.6 |
| – Percent of Open Interest Shorts: | 10.1 | 75.1 | 5.2 |
| – Net Position: | 275,586 | -296,871 | 21,285 |
| – Gross Longs: | 324,332 | 66,025 | 46,448 |
| – Gross Shorts: | 48,746 | 362,896 | 25,163 |
| – Long to Short Ratio: | 6.7 to 1 | 0.2 to 1 | 1.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 84.9 | 15.4 | 47.8 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -1.2 | 2.4 | -13.5 |
Silver Comex Futures:
The Silver Comex Futures large speculator standing this week was a net position of 41,165 contracts in the data reported through Tuesday. This was a weekly decline of -2,095 contracts from the previous week which had a total of 43,260 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 68.2 percent. The commercials are Bearish with a score of 28.2 percent and the small traders (not shown in chart) are Bullish with a score of 61.1 percent.
Price Trend-Following Model: Weak Uptrend
Our weekly trend-following model classifies the current market price position as: Weak Uptrend.
| Silver Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 48.0 | 24.1 | 20.2 |
| – Percent of Open Interest Shorts: | 20.7 | 63.7 | 7.9 |
| – Net Position: | 41,165 | -59,843 | 18,678 |
| – Gross Longs: | 72,515 | 36,376 | 30,557 |
| – Gross Shorts: | 31,350 | 96,219 | 11,879 |
| – Long to Short Ratio: | 2.3 to 1 | 0.4 to 1 | 2.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 68.2 | 28.2 | 61.1 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -24.3 | 24.7 | -15.1 |
Copper Grade #1 Futures:
The Copper Grade #1 Futures large speculator standing this week was a net position of 10,959 contracts in the data reported through Tuesday. This was a weekly increase of 493 contracts from the previous week which had a total of 10,466 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 43.4 percent. The commercials are Bullish with a score of 55.9 percent and the small traders (not shown in chart) are Bullish with a score of 53.6 percent.
Price Trend-Following Model: Weak Uptrend
Our weekly trend-following model classifies the current market price position as: Weak Uptrend.
| Copper Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 40.6 | 34.9 | 8.1 |
| – Percent of Open Interest Shorts: | 35.4 | 43.1 | 5.2 |
| – Net Position: | 10,959 | -16,889 | 5,930 |
| – Gross Longs: | 84,585 | 72,711 | 16,766 |
| – Gross Shorts: | 73,626 | 89,600 | 10,836 |
| – Long to Short Ratio: | 1.1 to 1 | 0.8 to 1 | 1.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 43.4 | 55.9 | 53.6 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -11.9 | 15.0 | -27.7 |
Platinum Futures:
The Platinum Futures large speculator standing this week was a net position of 14,829 contracts in the data reported through Tuesday. This was a weekly lowering of -5,657 contracts from the previous week which had a total of 20,486 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 51.0 percent. The commercials are Bearish with a score of 40.7 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 95.4 percent.
Price Trend-Following Model: Weak Uptrend
Our weekly trend-following model classifies the current market price position as: Weak Uptrend.
| Platinum Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 55.4 | 20.8 | 12.4 |
| – Percent of Open Interest Shorts: | 40.2 | 44.6 | 3.8 |
| – Net Position: | 14,829 | -23,288 | 8,459 |
| – Gross Longs: | 54,105 | 20,299 | 12,146 |
| – Gross Shorts: | 39,276 | 43,587 | 3,687 |
| – Long to Short Ratio: | 1.4 to 1 | 0.5 to 1 | 3.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 51.0 | 40.7 | 95.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -49.0 | 40.7 | 39.9 |
Palladium Futures:
The Palladium Futures large speculator standing this week was a net position of -6,029 contracts in the data reported through Tuesday. This was a weekly decrease of -386 contracts from the previous week which had a total of -5,643 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 57.8 percent. The commercials are Bearish with a score of 40.4 percent and the small traders (not shown in chart) are Bullish with a score of 78.1 percent.
Price Trend-Following Model: Weak Uptrend
Our weekly trend-following model classifies the current market price position as: Weak Uptrend.
| Palladium Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 33.3 | 49.8 | 14.0 |
| – Percent of Open Interest Shorts: | 71.9 | 17.1 | 8.1 |
| – Net Position: | -6,029 | 5,105 | 924 |
| – Gross Longs: | 5,205 | 7,770 | 2,194 |
| – Gross Shorts: | 11,234 | 2,665 | 1,270 |
| – Long to Short Ratio: | 0.5 to 1 | 2.9 to 1 | 1.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 57.8 | 40.4 | 78.1 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -26.2 | 24.7 | 5.2 |
Steel Futures Futures:
The Steel Futures large speculator standing this week was a net position of -2,780 contracts in the data reported through Tuesday. This was a weekly lowering of -784 contracts from the previous week which had a total of -1,996 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 85.7 percent. The commercials are Bearish-Extreme with a score of 15.2 percent and the small traders (not shown in chart) are Bearish with a score of 32.8 percent.
Price Trend-Following Model: Weak Uptrend
Our weekly trend-following model classifies the current market price position as: Weak Uptrend.
| Steel Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 24.6 | 66.8 | 0.8 |
| – Percent of Open Interest Shorts: | 33.9 | 57.5 | 0.8 |
| – Net Position: | -2,780 | 2,776 | 4 |
| – Gross Longs: | 7,354 | 19,961 | 250 |
| – Gross Shorts: | 10,134 | 17,185 | 246 |
| – Long to Short Ratio: | 0.7 to 1 | 1.2 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 85.7 | 15.2 | 32.8 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -10.0 | 10.6 | -15.8 |
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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