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 21st 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 & Copper
The COT metals markets speculator bets were overall 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.
Leading the gains for the metals was Gold (21,421 contracts) with Copper (4,825 contracts), Silver (1,400 contracts), Steel (649 contracts) and Palladium (294 contracts) also seeing positive weeks.
The only market with a decline in speculator bets this week was Platinum with a decrease by -952 contracts.
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 Gold & 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 Gold (94 percent) and Steel (89 percent) lead the metals markets this week.
On the downside, Palladium (43 percent) comes in at the lowest strength level currently.
Strength Statistics:
Gold (94.5 percent) vs Gold previous week (86.3 percent)
Silver (76.1 percent) vs Silver previous week (74.4 percent)
Copper (48.8 percent) vs Copper previous week (44.3 percent)
Platinum (50.5 percent) vs Platinum previous week (52.8 percent)
Palladium (43.1 percent) vs Palladium previous week (40.9 percent)
Steel (89.5 percent) vs Palladium previous week (86.7 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 (10 percent) and Silver (8 percent) lead the past six weeks trends for metals.
Palladium (-15 percent) leads the downside trend scores currently.
Move Statistics:
Gold (9.6 percent) vs Gold previous week (7.5 percent)
Silver (8.0 percent) vs Silver previous week (3.6 percent)
Copper (5.3 percent) vs Copper previous week (1.3 percent)
Platinum (-0.5 percent) vs Platinum previous week (-11.6 percent)
Palladium (-14.7 percent) vs Palladium previous week (-19.7 percent)
Steel (5.3 percent) vs Steel previous week (-0.8 percent)
Individual Markets:
Gold Comex Futures:
The Gold Comex Futures large speculator standing this week recorded a net position of 300,784 contracts in the data reported through Tuesday. This was a weekly advance of 21,421 contracts from the previous week which had a total of 279,363 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 94.5 percent. The commercials are Bearish-Extreme with a score of 4.7 percent and the small traders (not shown in chart) are Bullish with a score of 64.1 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| Gold Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 59.0 | 16.6 | 8.9 |
| – Percent of Open Interest Shorts: | 6.4 | 73.8 | 4.3 |
| – Net Position: | 300,784 | -326,608 | 25,824 |
| – Gross Longs: | 337,289 | 95,116 | 50,638 |
| – Gross Shorts: | 36,505 | 421,724 | 24,814 |
| – Long to Short Ratio: | 9.2 to 1 | 0.2 to 1 | 2.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 94.5 | 4.7 | 64.1 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 9.6 | -10.7 | 16.4 |
Silver Comex Futures:
The Silver Comex Futures large speculator standing this week recorded a net position of 47,480 contracts in the data reported through Tuesday. This was a weekly lift of 1,400 contracts from the previous week which had a total of 46,080 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 76.1 percent. The commercials are Bearish with a score of 24.8 percent and the small traders (not shown in chart) are Bearish with a score of 45.6 percent.
Price Trend-Following Model: Weak Downtrend
Our weekly trend-following model classifies the current market price position as: Weak Downtrend.
| Silver Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 47.3 | 20.9 | 17.4 |
| – Percent of Open Interest Shorts: | 17.6 | 60.3 | 7.8 |
| – Net Position: | 47,480 | -62,977 | 15,497 |
| – Gross Longs: | 75,660 | 33,476 | 27,898 |
| – Gross Shorts: | 28,180 | 96,453 | 12,401 |
| – Long to Short Ratio: | 2.7 to 1 | 0.3 to 1 | 2.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 76.1 | 24.8 | 45.6 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 8.0 | -3.5 | -15.4 |
Copper Grade #1 Futures:
The Copper Grade #1 Futures large speculator standing this week recorded a net position of 16,663 contracts in the data reported through Tuesday. This was a weekly advance of 4,825 contracts from the previous week which had a total of 11,838 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 48.8 percent. The commercials are Bullish with a score of 51.7 percent and the small traders (not shown in chart) are Bearish with a score of 48.4 percent.
Price Trend-Following Model: Weak Downtrend
Our weekly trend-following model classifies the current market price position as: Weak Downtrend.
| Copper Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 40.9 | 33.8 | 7.6 |
| – Percent of Open Interest Shorts: | 33.2 | 43.8 | 5.3 |
| – Net Position: | 16,663 | -21,729 | 5,066 |
| – Gross Longs: | 88,855 | 73,470 | 16,520 |
| – Gross Shorts: | 72,192 | 95,199 | 11,454 |
| – 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): | 48.8 | 51.7 | 48.4 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 5.3 | -4.2 | -5.2 |
Platinum Futures:
The Platinum Futures large speculator standing this week recorded a net position of 14,608 contracts in the data reported through Tuesday. This was a weekly decline of -952 contracts from the previous week which had a total of 15,560 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 50.5 percent. The commercials are Bearish with a score of 46.7 percent and the small traders (not shown in chart) are Bullish with a score of 56.9 percent.
Price Trend-Following Model: Downtrend
Our weekly trend-following model classifies the current market price position as: Downtrend.
| Platinum Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 64.3 | 19.4 | 12.9 |
| – Percent of Open Interest Shorts: | 45.0 | 46.7 | 5.0 |
| – Net Position: | 14,608 | -20,610 | 6,002 |
| – Gross Longs: | 48,605 | 14,651 | 9,765 |
| – Gross Shorts: | 33,997 | 35,261 | 3,763 |
| – Long to Short Ratio: | 1.4 to 1 | 0.4 to 1 | 2.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 50.5 | 46.7 | 56.9 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -0.5 | 6.0 | -38.5 |
Palladium Futures:
The Palladium Futures large speculator standing this week recorded a net position of -8,036 contracts in the data reported through Tuesday. This was a weekly advance of 294 contracts from the previous week which had a total of -8,330 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 56.2 percent and the small traders (not shown in chart) are Bullish with a score of 67.8 percent.
Price Trend-Following Model: Downtrend
Our weekly trend-following model classifies the current market price position as: Downtrend.
| Palladium Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 37.4 | 45.1 | 11.6 |
| – Percent of Open Interest Shorts: | 79.6 | 6.7 | 7.9 |
| – Net Position: | -8,036 | 7,326 | 710 |
| – Gross Longs: | 7,121 | 8,593 | 2,213 |
| – Gross Shorts: | 15,157 | 1,267 | 1,503 |
| – Long to Short Ratio: | 0.5 to 1 | 6.8 to 1 | 1.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 43.1 | 56.2 | 67.8 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -14.7 | 15.8 | -10.3 |
Steel Futures Futures:
The Steel Futures large speculator standing this week recorded a net position of -1,534 contracts in the data reported through Tuesday. This was a weekly advance of 649 contracts from the previous week which had a total of -2,183 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 89.5 percent. The commercials are Bearish-Extreme with a score of 11.2 percent and the small traders (not shown in chart) are Bearish with a score of 40.8 percent.
Price Trend-Following Model: Strong Downtrend
Our weekly trend-following model classifies the current market price position as: Strong Downtrend.
| Steel Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 25.6 | 67.1 | 1.0 |
| – Percent of Open Interest Shorts: | 31.0 | 61.9 | 0.7 |
| – Net Position: | -1,534 | 1,457 | 77 |
| – Gross Longs: | 7,223 | 18,936 | 281 |
| – Gross Shorts: | 8,757 | 17,479 | 204 |
| – Long to Short Ratio: | 0.8 to 1 | 1.1 to 1 | 1.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 89.5 | 11.2 | 40.8 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 5.3 | -5.5 | 8.0 |
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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