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 June 24th 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 & Platinum
The COT metals markets speculator bets were mixed this week as three out of the six metals markets we cover had higher positioning while the other three markets had lower speculator contracts.
Leading the gains for the metals was Copper (5,633 contracts) with Platinum (1,985 contracts) and Palladium (740 contracts) also showing positive weeks.
The markets with declines in speculator bets for the week were Gold (-5,644 contracts), Silver (-4,227 contracts) and with Steel (-378 contracts) also registering lower bets on the week.
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Metals Data:
Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)
Strength Scores led by Silver & Platinum
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 Silver (95 percent) and Platinum (76 percent) lead the metals markets this week. Palladium (71 percent) comes in as the next highest in the weekly strength scores.
Strength Statistics:
Gold (54.3 percent) vs Gold previous week (56.4 percent)
Silver (94.7 percent) vs Silver previous week (100.0 percent)
Copper (60.6 percent) vs Copper previous week (55.4 percent)
Platinum (75.6 percent) vs Platinum previous week (70.9 percent)
Palladium (70.6 percent) vs Palladium previous week (65.1 percent)
Steel (64.7 percent) vs Palladium previous week (66.9 percent)
Palladium & Platinum top the 6-Week Strength Trends
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Palladium (45 percent) and Platinum (38 percent) lead the past six weeks trends for metals. Silver (19 percent) is the next highest positive mover in the latest trends data.
Steel (-7 percent) leads the downside trend scores currently.
Move Statistics:
Gold (12.8 percent) vs Gold previous week (14.5 percent)
Silver (19.0 percent) vs Silver previous week (22.4 percent)
Copper (7.4 percent) vs Copper previous week (2.0 percent)
Platinum (37.6 percent) vs Platinum previous week (32.4 percent)
Palladium (44.7 percent) vs Palladium previous week (35.6 percent)
Steel (-7.1 percent) vs Steel previous week (-8.6 percent)
Individual Markets:
Gold Comex Futures:
The Gold Comex Futures large speculator standing this week equaled a net position of 195,004 contracts in the data reported through Tuesday. This was a weekly decrease of -5,644 contracts from the previous week which had a total of 200,648 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 54.3 percent. The commercials are Bearish with a score of 39.3 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 94.8 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend.
| Gold Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 58.9 | 16.9 | 12.6 |
| – Percent of Open Interest Shorts: | 14.0 | 69.9 | 4.5 |
| – Net Position: | 195,004 | -230,560 | 35,556 |
| – Gross Longs: | 256,077 | 73,323 | 55,009 |
| – Gross Shorts: | 61,073 | 303,883 | 19,453 |
| – Long to Short Ratio: | 4.2 to 1 | 0.2 to 1 | 2.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 54.3 | 39.3 | 94.8 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 12.8 | -14.2 | 19.1 |
Silver Comex Futures:
The Silver Comex Futures large speculator standing this week equaled a net position of 62,947 contracts in the data reported through Tuesday. This was a weekly reduction of -4,227 contracts from the previous week which had a total of 67,174 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 94.7 percent. The commercials are Bearish-Extreme with a score of 3.8 percent and the small traders (not shown in chart) are Bullish with a score of 65.2 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| Silver Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 48.4 | 23.1 | 18.8 |
| – Percent of Open Interest Shorts: | 12.3 | 70.4 | 7.6 |
| – Net Position: | 62,947 | -82,477 | 19,530 |
| – Gross Longs: | 84,491 | 40,422 | 32,867 |
| – Gross Shorts: | 21,544 | 122,899 | 13,337 |
| – Long to Short Ratio: | 3.9 to 1 | 0.3 to 1 | 2.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 94.7 | 3.8 | 65.2 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 19.0 | -17.9 | 5.4 |
Copper Grade #1 Futures:
The Copper Grade #1 Futures large speculator standing this week equaled a net position of 29,433 contracts in the data reported through Tuesday. This was a weekly boost of 5,633 contracts from the previous week which had a total of 23,800 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 60.6 percent. The commercials are Bearish with a score of 43.1 percent and the small traders (not shown in chart) are Bearish with a score of 31.6 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: | 34.8 | 30.7 | 7.4 |
| – Percent of Open Interest Shorts: | 20.3 | 46.3 | 6.3 |
| – Net Position: | 29,433 | -31,719 | 2,286 |
| – Gross Longs: | 70,781 | 62,511 | 15,032 |
| – Gross Shorts: | 41,348 | 94,230 | 12,746 |
| – Long to Short Ratio: | 1.7 to 1 | 0.7 to 1 | 1.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 60.6 | 43.1 | 31.6 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 7.4 | -6.4 | -3.2 |
Platinum Futures:
The Platinum Futures large speculator standing this week equaled a net position of 25,212 contracts in the data reported through Tuesday. This was a weekly rise of 1,985 contracts from the previous week which had a total of 23,227 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 75.6 percent. The commercials are Bearish with a score of 25.4 percent and the small traders (not shown in chart) are Bullish with a score of 55.0 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| Platinum Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 59.7 | 18.5 | 10.5 |
| – Percent of Open Interest Shorts: | 34.7 | 48.4 | 5.6 |
| – Net Position: | 25,212 | -30,113 | 4,901 |
| – Gross Longs: | 60,143 | 18,640 | 10,538 |
| – Gross Shorts: | 34,931 | 48,753 | 5,637 |
| – Long to Short Ratio: | 1.7 to 1 | 0.4 to 1 | 1.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 75.6 | 25.4 | 55.0 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 37.6 | -37.3 | 8.6 |
Palladium Futures:
The Palladium Futures large speculator standing this week equaled a net position of -4,508 contracts in the data reported through Tuesday. This was a weekly rise of 740 contracts from the previous week which had a total of -5,248 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 70.6 percent. The commercials are Bearish with a score of 22.9 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 83.5 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| Palladium Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 41.7 | 39.0 | 13.8 |
| – Percent of Open Interest Shorts: | 64.7 | 21.9 | 8.0 |
| – Net Position: | -4,508 | 3,359 | 1,149 |
| – Gross Longs: | 8,186 | 7,661 | 2,714 |
| – Gross Shorts: | 12,694 | 4,302 | 1,565 |
| – Long to Short Ratio: | 0.6 to 1 | 1.8 to 1 | 1.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 70.6 | 22.9 | 83.5 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 44.7 | -48.1 | 15.7 |
Steel Futures Futures:
The Steel Futures large speculator standing this week equaled a net position of -1,074 contracts in the data reported through Tuesday. This was a weekly reduction of -378 contracts from the previous week which had a total of -696 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 64.7 percent. The commercials are Bearish with a score of 36.0 percent and the small traders (not shown in chart) are Bullish with a score of 54.3 percent.
Price Trend-Following Model: Weak Uptrend
Our weekly trend-following model classifies the current market price position as: Weak Uptrend.
| Steel Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 24.9 | 68.8 | 0.9 |
| – Percent of Open Interest Shorts: | 28.2 | 65.9 | 0.5 |
| – Net Position: | -1,074 | 932 | 142 |
| – Gross Longs: | 8,143 | 22,470 | 294 |
| – Gross Shorts: | 9,217 | 21,538 | 152 |
| – Long to Short Ratio: | 0.9 to 1 | 1.0 to 1 | 1.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 64.7 | 36.0 | 54.3 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -7.1 | 6.3 | 19.4 |
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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