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 April 8th 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 decisively lower this week as all of the six metals markets we cover had lower positioning.
Free Reports:
The markets with declines in speculator bets for the week were Gold (-37,719 contracts), Platinum (-15,769 contracts), Silver (-10,742 contracts), Copper (-5,784 contracts), Palladium (-2,864 contracts) and with Steel (-318 contracts) also registering 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 Steel (84 percent) and Silver (75 percent) lead the metals markets this week.
On the downside, Platinum (14 percent) and Palladium (24 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent).
Strength Statistics:
Gold (56.4 percent) vs Gold previous week (70.8 percent)
Silver (74.9 percent) vs Silver previous week (88.5 percent)
Copper (55.8 percent) vs Copper previous week (61.2 percent)
Platinum (14.1 percent) vs Platinum previous week (51.4 percent)
Palladium (23.9 percent) vs Palladium previous week (45.4 percent)
Steel (84.3 percent) vs Palladium previous week (85.8 percent)
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Copper (5 percent) leads the past six weeks trends for metals and is the only positive mover in the latest trends data.
Platinum (-40 percent) leads the downside trend scores currently with Gold (-23 percent) and Palladium (-20 percent) as the next markets with lower trend scores.
Move Statistics:
Gold (-23.1 percent) vs Gold previous week (-11.5 percent)
Silver (-8.0 percent) vs Silver previous week (3.5 percent)
Copper (4.9 percent) vs Copper previous week (7.4 percent)
Platinum (-40.1 percent) vs Platinum previous week (-20.2 percent)
Palladium (-19.5 percent) vs Palladium previous week (-16.8 percent)
Steel (-10.1 percent) vs Steel previous week (-14.2 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 with a score of 56.4 percent. The commercials are Bearish with a score of 38.7 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 84.5 percent.
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: | 60.6 | 15.5 | 11.3 |
| – Percent of Open Interest Shorts: | 15.5 | 67.7 | 4.3 |
| – Net Position: | 200,715 | -232,183 | 31,468 |
| – Gross Longs: | 269,833 | 69,214 | 50,486 |
| – Gross Shorts: | 69,118 | 301,397 | 19,018 |
| – Long to Short Ratio: | 3.9 to 1 | 0.2 to 1 | 2.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 56.4 | 38.7 | 84.5 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -23.1 | 20.1 | 18.0 |
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 74.9 percent. The commercials are Bearish with a score of 23.6 percent and the small traders (not shown in chart) are Bullish with a score of 55.4 percent.
Our weekly trend-following model classifies the current market price position as: Uptrend.
| Silver Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 44.3 | 22.9 | 20.1 |
| – Percent of Open Interest Shorts: | 14.2 | 64.4 | 8.7 |
| – Net Position: | 46,516 | -64,022 | 17,506 |
| – Gross Longs: | 68,426 | 35,320 | 30,989 |
| – Gross Shorts: | 21,910 | 99,342 | 13,483 |
| – Long to Short Ratio: | 3.1 to 1 | 0.4 to 1 | 2.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 74.9 | 23.6 | 55.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -8.0 | 6.8 | 0.9 |
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 55.8 percent. The commercials are Bullish with a score of 52.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.7 percent.
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: | 36.8 | 32.2 | 7.5 |
| – Percent of Open Interest Shorts: | 25.9 | 41.9 | 8.7 |
| – Net Position: | 24,241 | -21,429 | -2,812 |
| – Gross Longs: | 81,213 | 70,988 | 16,422 |
| – Gross Shorts: | 56,972 | 92,417 | 19,234 |
| – Long to Short Ratio: | 1.4 to 1 | 0.8 to 1 | 0.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 55.8 | 52.0 | 0.7 |
| – Strength Index Reading (3 Year Range): | Bullish | Bullish | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 4.9 | 1.0 | -38.7 |
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-Extreme with a score of 14.1 percent. The commercials are Bullish with a score of 75.0 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 100.0 percent.
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: | 53.4 | 24.4 | 15.9 |
| – Percent of Open Interest Shorts: | 54.4 | 34.2 | 5.1 |
| – Net Position: | -794 | -8,011 | 8,805 |
| – Gross Longs: | 43,763 | 19,992 | 13,005 |
| – Gross Shorts: | 44,557 | 28,003 | 4,200 |
| – Long to Short Ratio: | 1.0 to 1 | 0.7 to 1 | 3.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 14.1 | 75.0 | 100.0 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -40.1 | 35.1 | 20.5 |
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 23.9 percent. The commercials are Bullish with a score of 72.4 percent and the small traders (not shown in chart) are Bullish with a score of 71.2 percent.
Our weekly trend-following model classifies the current market price position as: Strong Downtrend.
| Palladium Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 35.0 | 49.9 | 11.1 |
| – Percent of Open Interest Shorts: | 83.0 | 5.9 | 7.2 |
| – Net Position: | -10,728 | 9,849 | 879 |
| – Gross Longs: | 7,832 | 11,163 | 2,479 |
| – Gross Shorts: | 18,560 | 1,314 | 1,600 |
| – Long to Short Ratio: | 0.4 to 1 | 8.5 to 1 | 1.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 23.9 | 72.4 | 71.2 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -19.5 | 24.7 | -28.8 |
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 84.3 percent. The commercials are Bearish-Extreme with a score of 16.9 percent and the small traders (not shown in chart) are Bearish with a score of 32.1 percent.
Our weekly trend-following model classifies the current market price position as: Uptrend.
| Steel Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 31.2 | 60.7 | 0.7 |
| – Percent of Open Interest Shorts: | 26.3 | 65.5 | 0.7 |
| – Net Position: | 1,704 | -1,701 | -3 |
| – Gross Longs: | 10,947 | 21,324 | 231 |
| – Gross Shorts: | 9,243 | 23,025 | 234 |
| – Long to Short Ratio: | 1.2 to 1 | 0.9 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 84.3 | 16.9 | 32.1 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -10.1 | 11.8 | -37.0 |
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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