19 Feb

COT Metals Speculators boosted their Copper bullish bets to 15-week high

February 19, 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 15th 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 gains in the Copper futures bets. The speculative net position in the Copper futures rose this week by the largest one-week amount of the past seventeen weeks. Copper speculator positions have risen now for two straight weeks and in four out of the past five weeks as well. Spec bullish bets had previously fallen to an eighty-one week low for Copper on December 21st but have rebounded since then with gains in six out of the next eight weeks. This positive sentiment has helped push the speculator positioning to this week to the highest bullish level of the past fifteen weeks.

Joining Copper (11,837 contracts) with rising positions this week were Gold (26,907 contracts), Silver (4,257 contracts) and Palladium (230 contracts) while Platinum (-1,627 contracts) saw lower speculator net contracts for the week.

Data Snapshot of Commodity Market Traders | Columns Legend
Feb-15-2022OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index
WTI Crude2,122,75839348,0938-392,0008043,90777
Gold558,64535213,61356-238,8754525,26236
Silver156,9682323,55646-36,3486312,79217
Copper210,0893430,69264-39,421328,72976
Palladium8,3589-1,00015903839750
Platinum59,8972210,13216-16,020865,88844
Natural Gas1,098,1010-131,4243999,9036231,52159
Brent214,40451-26,3257322,279274,04664
Heating Oil349,618316,45552-32,4343725,97988
Soybeans856,91758216,73284-186,43822-30,29420
Corn1,607,59139414,49283-374,96919-39,52320
Coffee254,9922570,425100-75,23014,80522
Sugar871,2131174,56352-90,3885115,82527
Wheat402,23235-5,8464210,01351-4,16782

 

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Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week recorded a net position of 213,613 contracts in the data reported through Tuesday. This was a weekly advance of 26,907 contracts from the previous week which had a total of 186,706 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 55.7 percent. The commercials are Bearish with a score of 44.7 percent and the small traders (not shown in chart) are Bearish with a score of 35.9 percent.

Gold Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:56.122.78.4
– Percent of Open Interest Shorts:17.865.53.8
– Net Position:213,613-238,87525,262
– Gross Longs:313,269126,83746,689
– Gross Shorts:99,656365,71221,427
– Long to Short Ratio:3.1 to 10.3 to 12.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):55.744.735.9
– Strength Index Reading (3 Year Range):BullishBearishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:0.7-0.4-2.4

 

Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week recorded a net position of 23,556 contracts in the data reported through Tuesday. This was a weekly rise of 4,257 contracts from the previous week which had a total of 19,299 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 45.8 percent. The commercials are Bullish with a score of 63.2 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.4 percent.

Silver Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:36.335.916.0
– Percent of Open Interest Shorts:21.259.17.8
– Net Position:23,556-36,34812,792
– Gross Longs:56,91156,39425,107
– Gross Shorts:33,35592,74212,315
– Long to Short Ratio:1.7 to 10.6 to 12.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):45.863.217.4
– Strength Index Reading (3 Year Range):BearishBullishBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-7.37.5-1.5

 

Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week recorded a net position of 30,692 contracts in the data reported through Tuesday. This was a weekly lift of 11,837 contracts from the previous week which had a total of 18,855 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 64.5 percent. The commercials are Bearish with a score of 32.4 percent and the small traders (not shown in chart) are Bullish with a score of 75.8 percent.

Copper Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:40.238.69.6
– Percent of Open Interest Shorts:25.657.35.5
– Net Position:30,692-39,4218,729
– Gross Longs:84,41581,00420,249
– Gross Shorts:53,723120,42511,520
– Long to Short Ratio:1.6 to 10.7 to 11.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):64.532.475.8
– Strength Index Reading (3 Year Range):BullishBearishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:7.9-10.021.1

 

Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week recorded a net position of 10,132 contracts in the data reported through Tuesday. This was a weekly fall of -1,627 contracts from the previous week which had a total of 11,759 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 16.3 percent. The commercials are Bullish-Extreme with a score of 86.1 percent and the small traders (not shown in chart) are Bearish with a score of 44.1 percent.

Platinum Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:47.135.414.5
– Percent of Open Interest Shorts:30.262.14.6
– Net Position:10,132-16,0205,888
– Gross Longs:28,21721,1798,661
– Gross Shorts:18,08537,1992,773
– Long to Short Ratio:1.6 to 10.6 to 13.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):16.386.144.1
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:4.9-5.56.5

 

Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week recorded a net position of -1,000 contracts in the data reported through Tuesday. This was a weekly boost of 230 contracts from the previous week which had a total of -1,230 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 15.4 percent. The commercials are Bullish-Extreme with a score of 82.6 percent and the small traders (not shown in chart) are Bullish with a score of 50.4 percent.

Palladium Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:25.048.117.1
– Percent of Open Interest Shorts:36.937.316.0
– Net Position:-1,00090397
– Gross Longs:2,0864,0181,432
– Gross Shorts:3,0863,1151,335
– Long to Short Ratio:0.7 to 11.3 to 11.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):15.482.650.4
– Strength Index Reading (3 Year Range):Bearish-ExtremeBullish-ExtremeBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:12.2-13.214.7

 

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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