27 Dec

COT Metals Speculators push Copper bullish bets lower for 9th week to 81-week low

December 27, 2021

By InvestMacro | COT | Data Tables | COT Leaders | Downloads | COT Newsletter

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC). The latest release was delayed by the CFTC due to the Christmas holiday.

The latest COT data is updated through Tuesday December 21st 2021 and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Highlighting the COT metals data is the continued decline in the Copper futures bets. The speculative net position in the Copper futures has now decreased for nine consecutive weeks and by a total of -36,147 contracts over that time-frame. This weakness has brought the current standing for Copper net positions to the least bullish level since June 2nd of 2020, a span of eighty-one weeks. Speculators had been raising their positions for Copper starting in June 2020 with positioning reaching a multi-year high of +80,039 contracts on December 8th of 2020. The overall position has remained in bullish territory throughout 2021 but has dropped to an overall level of just +4,437 contracts last week.

Joining Copper (-2,260 contracts) in declining on the week were Silver (-1,058 contracts), Platinum (-2,463 contracts) while Gold (3,410 contracts) and Palladium (135 contracts) had higher weekly speculative positions.

Data Snapshot of Commodity Market Traders | Columns Legend
Dec-21-2021OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index
WTI Crude1,892,7010340,25520-375,8167035,56165
Gold500,84619205,81153-236,0294630,21850
Silver141,119820,92643-36,3996315,47330
Copper170,35354,43746-9,777535,34056
Palladium9,51814-3,63913,98599-34624
Platinum64,732301,2684-7,717986,44952
Natural Gas1,142,7294-141,21236109,5516531,66159
Brent224,11058-25,0017622,225262,77647
Heating Oil302,72134,89750-21,0604916,16354
Soybeans654,46011102,87756-72,35249-30,52521
Corn1,485,41219445,32087-401,28015-44,04018
Coffee258,8712856,13489-57,984141,8501
Sugar864,0829189,19875-210,7832821,58535
Wheat357,381119,13255-1,60139-7,53166

 

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Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week equaled a net position of 205,811 contracts in the data reported through Tuesday. This was a weekly boost of 3,410 contracts from the previous week which had a total of 202,401 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 53.3 percent. The commercials are Bearish with a score of 45.6 percent and the small traders (not shown in chart) are Bearish with a score of 49.9 percent.

Gold Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:59.221.09.8
– Percent of Open Interest Shorts:18.168.13.8
– Net Position:205,811-236,02930,218
– Gross Longs:296,628104,99749,251
– Gross Shorts:90,817341,02619,033
– Long to Short Ratio:3.3 to 10.3 to 12.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):53.345.649.9
– Strength Index Reading (3 Year Range):BullishBearishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-14.012.014.0

 

Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week equaled a net position of 20,926 contracts in the data reported through Tuesday. This was a weekly fall of -1,058 contracts from the previous week which had a total of 21,984 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 43.2 percent. The commercials are Bullish with a score of 63.2 percent and the small traders (not shown in chart) are Bearish with a score of 30.5 percent.

Silver Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:44.030.319.3
– Percent of Open Interest Shorts:29.256.18.3
– Net Position:20,926-36,39915,473
– Gross Longs:62,07042,74227,251
– Gross Shorts:41,14479,14111,778
– Long to Short Ratio:1.5 to 10.5 to 12.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):43.263.230.5
– Strength Index Reading (3 Year Range):BearishBullishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-15.916.9-7.7

 

Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week equaled a net position of 4,437 contracts in the data reported through Tuesday. This was a weekly lowering of -2,260 contracts from the previous week which had a total of 6,697 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 45.6 percent. The commercials are Bullish with a score of 52.7 percent and the small traders (not shown in chart) are Bullish with a score of 56.2 percent.

Copper Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:35.845.79.7
– Percent of Open Interest Shorts:33.251.46.5
– Net Position:4,437-9,7775,340
– Gross Longs:60,98377,85116,453
– Gross Shorts:56,54687,62811,113
– Long to Short Ratio:1.1 to 10.9 to 11.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):45.652.756.2
– Strength Index Reading (3 Year Range):BearishBullishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-13.216.1-29.3

 

Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week equaled a net position of 1,268 contracts in the data reported through Tuesday. This was a weekly reduction of -2,463 contracts from the previous week which had a total of 3,731 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-Extreme with a score of 4.2 percent. The commercials are Bullish-Extreme with a score of 98.0 percent and the small traders (not shown in chart) are Bullish with a score of 52.0 percent.

Platinum Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:43.737.715.3
– Percent of Open Interest Shorts:41.849.65.3
– Net Position:1,268-7,7176,449
– Gross Longs:28,30224,4179,899
– Gross Shorts:27,03432,1343,450
– Long to Short Ratio:1.0 to 10.8 to 12.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):4.298.052.0
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-23.623.7-2.6

 

Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week equaled a net position of -3,639 contracts in the data reported through Tuesday. This was a weekly boost of 135 contracts from the previous week which had a total of -3,774 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-Extreme with a score of 0.7 percent. The commercials are Bullish-Extreme with a score of 99.3 percent and the small traders (not shown in chart) are Bearish with a score of 24.3 percent.

Palladium Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:26.060.312.3
– Percent of Open Interest Shorts:64.218.516.0
– Net Position:-3,6393,985-346
– Gross Longs:2,4755,7431,174
– Gross Shorts:6,1141,7581,520
– Long to Short Ratio:0.4 to 13.3 to 10.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):0.799.324.3
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-3.75.1-17.5

 

Article By InvestMacro – Receive our weekly COT Reports by Email

*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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