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 February 25th 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 & Steel
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.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Leading the gains for the metals was Copper (5,475 contracts) with Steel (4,618 contracts) also coming in with a positive week.
The markets with declines in speculator bets for the week were Platinum (-7,361 contracts), Gold (-7,049 contracts), Palladium (-2,503 contracts) and with Silver (-1,592 contracts) also registering 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 & 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 (90 percent) and Silver (83 percent) lead the metals markets this week. Gold (80 percent) comes in as the next highest in the weekly strength scores.
On the downside, Palladium (42 percent) comes in at the lowest strength level currently.
Strength Statistics:
Gold (79.6 percent) vs Gold previous week (82.3 percent)
Silver (83.0 percent) vs Silver previous week (85.0 percent)
Copper (52.7 percent) vs Copper previous week (47.6 percent)
Platinum (54.2 percent) vs Platinum previous week (71.6 percent)
Palladium (42.4 percent) vs Palladium previous week (60.7 percent)
Steel (89.7 percent) vs Palladium previous week (68.3 percent)
Steel & Copper top the 6-Week Strength Trends
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Steel (25 percent) and Copper (19 percent) lead the past six weeks trends for metals.
Gold (-7 percent) leads the downside trend scores currently and is the only market with a negative trend score.
Move Statistics:
Gold (-6.7 percent) vs Gold previous week (5.2 percent)
Silver (8.6 percent) vs Silver previous week (17.1 percent)
Copper (18.8 percent) vs Copper previous week (12.7 percent)
Platinum (1.5 percent) vs Platinum previous week (13.5 percent)
Palladium (1.4 percent) vs Palladium previous week (25.5 percent)
Steel (25.1 percent) vs Steel previous week (12.9 percent)
Individual Markets:
Gold Comex Futures:
The Gold Comex Futures large speculator standing this week equaled a net position of 261,625 contracts in the data reported through Tuesday. This was a weekly decrease of -7,049 contracts from the previous week which had a total of 268,674 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 79.6 percent. The commercials are Bearish-Extreme with a score of 18.6 percent and the small traders (not shown in chart) are Bullish with a score of 66.5 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: | 61.9 | 14.0 | 9.5 |
| – Percent of Open Interest Shorts: | 10.8 | 70.3 | 4.4 |
| – Net Position: | 261,625 | -288,100 | 26,475 |
| – Gross Longs: | 316,948 | 71,796 | 48,803 |
| – Gross Shorts: | 55,323 | 359,896 | 22,328 |
| – Long to Short Ratio: | 5.7 to 1 | 0.2 to 1 | 2.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 79.6 | 18.6 | 66.5 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -6.7 | 5.2 | 12.2 |
Silver Comex Futures:
The Silver Comex Futures large speculator standing this week equaled a net position of 52,862 contracts in the data reported through Tuesday. This was a weekly decrease of -1,592 contracts from the previous week which had a total of 54,454 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 83.0 percent. The commercials are Bearish-Extreme with a score of 16.8 percent and the small traders (not shown in chart) are Bullish with a score of 54.5 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: | 47.9 | 23.3 | 18.4 |
| – Percent of Open Interest Shorts: | 15.6 | 66.2 | 7.8 |
| – Net Position: | 52,862 | -70,188 | 17,326 |
| – Gross Longs: | 78,469 | 38,149 | 30,082 |
| – Gross Shorts: | 25,607 | 108,337 | 12,756 |
| – Long to Short Ratio: | 3.1 to 1 | 0.4 to 1 | 2.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 83.0 | 16.8 | 54.5 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 8.6 | -11.6 | 18.1 |
Copper Grade #1 Futures:
The Copper Grade #1 Futures large speculator standing this week equaled a net position of 20,896 contracts in the data reported through Tuesday. This was a weekly rise of 5,475 contracts from the previous week which had a total of 15,421 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 52.7 percent. The commercials are Bearish with a score of 49.0 percent and the small traders (not shown in chart) are Bearish with a score of 41.6 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| Copper Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 42.6 | 30.8 | 7.3 |
| – Percent of Open Interest Shorts: | 34.1 | 41.0 | 5.7 |
| – Net Position: | 20,896 | -24,842 | 3,946 |
| – Gross Longs: | 104,032 | 75,169 | 17,858 |
| – Gross Shorts: | 83,136 | 100,011 | 13,912 |
| – Long to Short Ratio: | 1.3 to 1 | 0.8 to 1 | 1.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 52.7 | 49.0 | 41.6 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 18.8 | -16.3 | -7.2 |
Platinum Futures:
The Platinum Futures large speculator standing this week equaled a net position of 16,176 contracts in the data reported through Tuesday. This was a weekly decrease of -7,361 contracts from the previous week which had a total of 23,537 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 54.2 percent. The commercials are Bearish with a score of 39.9 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 80.1 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: | 62.3 | 18.8 | 13.1 |
| – Percent of Open Interest Shorts: | 43.3 | 46.7 | 4.3 |
| – Net Position: | 16,176 | -23,660 | 7,484 |
| – Gross Longs: | 52,850 | 15,967 | 11,117 |
| – Gross Shorts: | 36,674 | 39,627 | 3,633 |
| – Long to Short Ratio: | 1.4 to 1 | 0.4 to 1 | 3.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 54.2 | 39.9 | 80.1 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 1.5 | -7.4 | 42.3 |
Palladium Futures:
The Palladium Futures large speculator standing this week equaled a net position of -8,134 contracts in the data reported through Tuesday. This was a weekly decline of -2,503 contracts from the previous week which had a total of -5,631 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 42.4 percent. The commercials are Bullish with a score of 51.2 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 100.0 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: | 35.5 | 44.9 | 14.7 |
| – Percent of Open Interest Shorts: | 78.6 | 9.8 | 6.7 |
| – Net Position: | -8,134 | 6,620 | 1,514 |
| – Gross Longs: | 6,692 | 8,471 | 2,779 |
| – Gross Shorts: | 14,826 | 1,851 | 1,265 |
| – Long to Short Ratio: | 0.5 to 1 | 4.6 to 1 | 2.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 42.4 | 51.2 | 100.0 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 1.4 | -6.3 | 31.2 |
Steel Futures Futures:
The Steel Futures large speculator standing this week equaled a net position of 2,855 contracts in the data reported through Tuesday. This was a weekly gain of 4,618 contracts from the previous week which had a total of -1,763 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 89.7 percent. The commercials are Bearish-Extreme with a score of 10.7 percent and the small traders (not shown in chart) are Bullish with a score of 52.0 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| Steel Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 30.7 | 58.7 | 1.1 |
| – Percent of Open Interest Shorts: | 21.6 | 68.3 | 0.5 |
| – Net Position: | 2,855 | -3,034 | 179 |
| – Gross Longs: | 9,630 | 18,379 | 348 |
| – Gross Shorts: | 6,775 | 21,413 | 169 |
| – Long to Short Ratio: | 1.4 to 1 | 0.9 to 1 | 2.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 89.7 | 10.7 | 52.0 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 25.1 | -26.2 | 19.9 |
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.
- Most of the tariffs imposed by the Trump administration take effect today Apr 2, 2025
- EUR/USD Declines as Markets Await Signals of a Renewed Trade War Apr 2, 2025
- “Liberation Day”: How markets might react to Trump’s April 2nd tariff announcement? Apr 2, 2025
- The RBA expectedly kept interest rates unchanged. Oil rose to a one-month high Apr 1, 2025
- World stock indices sell off under the weight of new tariffs Mar 31, 2025
- COT Metals Charts: Speculator Bets led by Copper & Palladium Mar 30, 2025
- COT Bonds Charts: Speculator Bets led by 10-Year Bonds, Fed Funds & 2-Year Bonds Mar 30, 2025
- COT Soft Commodities Charts: Speculator Bets led by Sugar & Live Cattle Mar 30, 2025
- COT Stock Market Charts: Weekly Speculator Bets led this week by Nikkei 225 Mar 30, 2025
- It Looks Like Its a Good Time To Buy This Gold Stock Mar 28, 2025
