05 Feb

COT Metals Speculators cut their Gold bullish bets by most in past 146 weeks

February 5, 2022

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 COT data is updated through Tuesday February 1st 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 this week’s sharp decline in the Gold futures bets. The speculative net position in the Gold futures dropped by -48,009 contracts this week, marking the largest one-week decline in the past one-hundred and forty-six weeks, dating back to April 16th of 2019 when speculator bets fell by -49,091 contracts. The steep drop this week knocked the current speculator standing down to the lowest level since September 28th. Gold prices have been consolidating in a triangle pattern right around the major support/resistance level of $1800.

Joining Gold (-48,009 contracts) in falling this week were Silver (-10,023 contracts) and Copper (-10,326 contracts) while Platinum (789 contracts) and Palladium (996 contracts) had position rises this week.

Data Snapshot of Commodity Market Traders | Columns Legend
Feb-01-2022OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index
WTI Crude2,093,73535368,90427-414,6586345,75479
Gold515,33123172,14243-201,3425629,20047
Silver149,1361522,11844-35,2636413,14519
Copper198,4372516,15554-21,053454,89854
Palladium7,8536-99215965832746
Platinum53,8981114,58123-19,786815,20535
Natural Gas1,162,81312-120,0104390,2415929,76954
Brent203,92842-18,9208615,734153,18652
Heating Oil347,3833015,68365-43,1372527,45493
Soybeans796,28544193,37378-155,57729-37,7969
Corn1,568,95933455,22088-407,66314-47,55716
Coffee274,8654061,37893-65,36593,98716
Sugar897,0351793,59356-117,5004623,90737
Wheat391,16229350475,10046-5,45076

 

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Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week equaled a net position of 172,142 contracts in the data reported through Tuesday. This was a weekly decrease of -48,009 contracts from the previous week which had a total of 220,151 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 42.6 percent. The commercials are Bullish with a score of 56.1 percent and the small traders (not shown in chart) are Bearish with a score of 47.1 percent.

Gold Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:53.624.89.1
– Percent of Open Interest Shorts:20.263.83.4
– Net Position:172,142-201,34229,200
– Gross Longs:275,994127,63346,819
– Gross Shorts:103,852328,97517,619
– Long to Short Ratio:2.7 to 10.4 to 12.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):42.656.147.1
– Strength Index Reading (3 Year Range):BearishBullishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-10.610.6-2.9

 

Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week equaled a net position of 22,118 contracts in the data reported through Tuesday. This was a weekly decrease of -10,023 contracts from the previous week which had a total of 32,141 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 44.4 percent. The commercials are Bullish with a score of 64.3 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 19.4 percent.

Silver Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:40.735.516.5
– Percent of Open Interest Shorts:25.959.27.7
– Net Position:22,118-35,26313,145
– Gross Longs:60,72352,97024,681
– Gross Shorts:38,60588,23311,536
– Long to Short Ratio:1.6 to 10.6 to 12.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):44.464.319.4
– Strength Index Reading (3 Year Range):BearishBullishBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:1.21.1-13.6

 

Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week equaled a net position of 16,155 contracts in the data reported through Tuesday. This was a weekly decrease of -10,326 contracts from the previous week which had a total of 26,481 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 54.0 percent. The commercials are Bearish with a score of 45.0 percent and the small traders (not shown in chart) are Bullish with a score of 53.6 percent.

Copper Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:34.842.68.3
– Percent of Open Interest Shorts:26.653.25.9
– Net Position:16,155-21,0534,898
– Gross Longs:68,98484,44616,522
– Gross Shorts:52,829105,49911,624
– Long to Short Ratio:1.3 to 10.8 to 11.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):54.045.053.6
– Strength Index Reading (3 Year Range):BullishBearishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:8.4-7.7-2.6

 

Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week equaled a net position of 14,581 contracts in the data reported through Tuesday. This was a weekly increase of 789 contracts from the previous week which had a total of 13,792 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 23.4 percent. The commercials are Bullish-Extreme with a score of 80.7 percent and the small traders (not shown in chart) are Bearish with a score of 34.6 percent.

Platinum Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:52.330.214.9
– Percent of Open Interest Shorts:25.266.95.2
– Net Position:14,581-19,7865,205
– Gross Longs:28,17116,2938,031
– Gross Shorts:13,59036,0792,826
– Long to Short Ratio:2.1 to 10.5 to 12.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):23.480.734.6
– Strength Index Reading (3 Year Range):BearishBullish-ExtremeBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:19.2-17.3-17.4

 

Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week equaled a net position of -992 contracts in the data reported through Tuesday. This was a weekly gain of 996 contracts from the previous week which had a total of -1,988 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 15.2 percent. The commercials are Bullish-Extreme with a score of 83.1 percent and the small traders (not shown in chart) are Bearish with a score of 46.2 percent.

Palladium Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:27.750.216.4
– Percent of Open Interest Shorts:40.337.916.1
– Net Position:-99296527
– Gross Longs:2,1723,9431,291
– Gross Shorts:3,1642,9781,264
– Long to Short Ratio:0.7 to 11.3 to 11.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):15.283.146.2
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:14.5-16.222.0

 

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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