Gold Futures

Summary: Coffee futures prices are being affected by the ongoing Russia-Ukraine war. Brent Crude Oil Prices falling despite ongoing uncertainties with the Russia-Ukraine conflict. Gold futures prices falling as the US bond yields change once again. Coffee futures prices showing volatility. The futures price for coffee has fallen 2.11% since the market opened this morning. The uncertainty of the Russia-Ukraine war with no sign of slowing, has had an adverse effect on the price of coffee futures over the last while, this is represented in the graph below. There are concerns about growth and therefore supply with the Russia-Ukraine conflicts and in addition the poor rainfall in Brazil this year continues to raise concerns about supply, however the demand is also decreasing as a result of the conflicts. This relationship could be causing the volatility in this commodity. Coffee Jul ‘22 Futures Prices Is the Price of Brent Crude Oil Finally Falling? Since the market opened this morning, the price of Brent Crude Oil has fallen by almost 5%. The weakening of the price comes despite the Russia-Ukraine war uncertainties and the post-covid world economy reopening. Occasionally the price of Brent Crude is adversely affected as the US Dollar strengthens, seeing as the Fed increased the U.S yields again for the seventh consecutive week, the US dollar saw more strengthening on the market today, this could be a possible reason for the price fall in Brent Crude. Brent Crude Oil Price Chart   Read next: (XAGUSD) Price of Silver Vs. U.S Yields, Lumber and Corn Futures Dependent on Demand and Supply    Gold prices affected by US Yields once again. This time last week gold futures had hit their high for April, however since the market opened this morning, the price has fallen by 1.96%, and is 5% down from its 18 April high. Normally gold is used as a hedge against inflation, however since the US yields increased again, the opportunity cost of holding gold and not bonds increases, driving the price of gold down further. This commodity is one to watch especially if the Fed continues to be hawkish. Gold Futures Price Chart Sources: Finance.yahoo.com, dailyfx.com, ndtv.com   Read Next: Unexpectedly Gold Price (XAUUSD) Falls, Canada And Chicago - Weather Makes Wheat Futures Fluctuate. The Price Of Palladium - Industrial Activity Is Taking Strain   

Summary: Gold versus U.S Yields. Palladium Prices showing signs of recovery. Wheat prices affected by Russia’s possible taxation of the commodity. Gold Futures Price Falls As the opportunity cost for holding rises. The price of gold has fallen amidst the Federal Reserve raising yields and therefore putting pressure on zero-yield bullion. The market is concerned at how big the next 2 interest rate hikes could be, the Fed are putting their best foot forward as they attempt to fight the increasing inflation and increasing labour costs. As the short term U.S interest yields increase, the opportunity cost for holding gold increases too, driving the price down with the falling demand. Gold Futures Price Chart   Read next: Exxon and Chevron Earnings Announcements Has Little Effect on Brent Crude Oil Prices, Bullish Market Sentiment For Cotton and Gold Prices Rise Again    Palladium prices are back on the rise. Over the past week the price of palladium has seen an overall positive price trend, this comes with the problems in supply chains around the world and the Russia-Ukraine war. Russia is one of the biggest producers and exporters in the world, with South Africa, Russia produces and exports around 70% of the world's palladium. The sanctions on Russia are putting a dent in supply, in addition, the lockdowns in China causing concerns around demand. Palladium Futures Price Chart Wheat prices facing pressure. Wheat Future prices down around 1% today. The price has been stable over the past week apart from the sharp drop on Sunday amidst concerns around Russia imposing taxes on its wheat exports between now and July 2022. There are concerns around demand and supply with Wheat due to the war in the Ukraine and concerns around supply chains. Wheat Futures Price Chart   Read next: Natural GAS (NGAS) and RBOB Gasoline’s (RB) May Futures Expected To Increase Further In 2022. Copper (HG) Prices Also Forecasted To Increase.    Sources: Finance.yahoo.com, agriculture.com

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 May 3rd 2022 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 recent decline in the Copper futures bets. The speculative net position in the Copper futures has fallen for two consecutive weeks and by a total of -19,408 contracts over that time-frame. This weakness has dropped the current standing for Copper net positions into a bearish position for a second straight week. Last week was the first time Copper has been in a bearish position since June 2nd of 2020, a span of ninety-nine weeks. This week’s further decline in speculator bets brings the current net standing (-15,623 contracts) to the lowest level in two years, dating back to May 5th of 2020. Weighing heavily on the Copper sentiment is the shut downs in China due to Covid-19 outbreaks, particularly in Shanghai and Beijing. China is among the largest producers of Copper in the world and is the largest consumer of Copper in the world with the red metal being used in numerous manufacturing processes, industries and electronics being produced in the country. Any prolonged slowdown in China economic activity will have an outsized effect on the current demand for Copper. The Copper price has pulled back recently with declines in each of the last four weeks that has taken approximately 10 percent off the futures price. Copper has been on a torrid bullish run that started in March 2020 when the pandemic burst open globally. Since the lows in March of 2020, Copper’s price rose by over 100 percent and now currently trades around the $4.25 per pound futures level. The only metals market we cover with higher speculator bets this week was Platinum (+816 contracts) while the markets with lower spec bets were Silver (-7,338 contracts), Gold (-18,856 contracts), Copper (-11,838 contracts) and Palladium (-245 contracts). Speculator strength standings for each Commodity where strength index is current net position compared to past three years, above 80 is bullish extreme, below 20 is bearish extreme OI Strength = Current Open Interest level compared to last 3 years range Spec Strength = Current Net Speculator level compared to last 3 years range Strength Move = Six week change of Spec Strength Data Snapshot of Commodity Market Traders | Columns Legend May-03-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index WTI Crude 1,751,564 2 321,701 6 -366,213 94 44,512 78 Gold 560,441 31 199,168 42 -231,852 55 32,684 57 Silver 137,692 5 28,068 50 -39,317 60 11,249 8 Copper 185,255 16 -15,623 31 10,080 66 5,543 57 Palladium 7,638 6 -2,752 6 2,455 90 297 61 Platinum 66,545 33 -1,541 1 -3,667 100 5,208 35 Natural Gas 1,138,319 12 -117,706 43 72,861 54 44,845 92 Brent 168,128 14 -27,318 65 26,014 37 1,304 27 Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88 Soybeans 700,856 22 190,402 77 -165,353 27 -25,049 29 Corn 1,513,880 23 501,865 94 -451,210 8 -50,655 14 Coffee 206,337 1 40,697 77 -43,007 28 2,310 5 Sugar 818,627 1 201,592 78 -236,394 23 34,802 51 Wheat 319,233 0 20,012 60 -14,225 30 -5,787 82   Gold Comex Futures: The Gold Comex Futures large speculator standing this week was a net position of 199,168 contracts in the data reported through Tuesday. This was a weekly reduction of -18,856 contracts from the previous week which had a total of 218,024 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 42.1 percent. The commercials are Bullish with a score of 55.4 percent and the small traders (not shown in chart) are Bullish with a score of 57.0 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 52.4 23.3 9.1 – Percent of Open Interest Shorts: 16.8 64.7 3.3 – Net Position: 199,168 -231,852 32,684 – Gross Longs: 293,439 130,795 51,270 – Gross Shorts: 94,271 362,647 18,586 – Long to Short Ratio: 3.1 to 1 0.4 to 1 2.8 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 42.1 55.4 57.0 – Strength Index Reading (3 Year Range): Bearish Bullish Bullish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -18.3 17.9 -2.5   Silver Comex Futures: The Silver Comex Futures large speculator standing this week was a net position of 28,068 contracts in the data reported through Tuesday. This was a weekly decrease of -7,338 contracts from the previous week which had a total of 35,406 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 50.3 percent. The commercials are Bullish with a score of 60.3 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 8.4 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 41.2 36.4 17.3 – Percent of Open Interest Shorts: 20.8 65.0 9.2 – Net Position: 28,068 -39,317 11,249 – Gross Longs: 56,764 50,184 23,860 – Gross Shorts: 28,696 89,501 12,611 – Long to Short Ratio: 2.0 to 1 0.6 to 1 1.9 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 50.3 60.3 8.4 – Strength Index Reading (3 Year Range): Bullish Bullish Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -19.8 24.8 -31.2   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week was a net position of -15,623 contracts in the data reported through Tuesday. This was a weekly reduction of -11,838 contracts from the previous week which had a total of -3,785 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 31.1 percent. The commercials are Bullish with a score of 66.4 percent and the small traders (not shown in chart) are Bullish with a score of 57.3 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 35.4 46.7 9.7 – Percent of Open Interest Shorts: 43.8 41.2 6.7 – Net Position: -15,623 10,080 5,543 – Gross Longs: 65,590 86,458 18,009 – Gross Shorts: 81,213 76,378 12,466 – Long to Short Ratio: 0.8 to 1 1.1 to 1 1.4 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 31.1 66.4 57.3 – Strength Index Reading (3 Year Range): Bearish Bullish Bullish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -30.6 30.7 -13.0   Platinum Futures: The Platinum Futures large speculator standing this week was a net position of -1,541 contracts in the data reported through Tuesday. This was a weekly gain of 816 contracts from the previous week which had a total of -2,357 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 1.2 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 34.6 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 44.4 38.8 13.5 – Percent of Open Interest Shorts: 46.7 44.3 5.6 – Net Position: -1,541 -3,667 5,208 – Gross Longs: 29,516 25,830 8,956 – Gross Shorts: 31,057 29,497 3,748 – Long to Short Ratio: 1.0 to 1 0.9 to 1 2.4 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 1.2 100.0 34.6 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -30.5 32.3 -28.3   Palladium Futures: The Palladium Futures large speculator standing this week was a net position of -2,752 contracts in the data reported through Tuesday. This was a weekly lowering of -245 contracts from the previous week which had a total of -2,507 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 5.8 percent. The commercials are Bullish-Extreme with a score of 90.5 percent and the small traders (not shown in chart) are Bullish with a score of 61.1 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 12.7 59.8 16.9 – Percent of Open Interest Shorts: 48.8 27.7 13.0 – Net Position: -2,752 2,455 297 – Gross Longs: 973 4,567 1,290 – Gross Shorts: 3,725 2,112 993 – Long to Short Ratio: 0.3 to 1 2.2 to 1 1.3 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 5.8 90.5 61.1 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -8.8 12.7 -38.9   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.

Summary: The EU refills their NGAS stockpiles, driving the price of NGAS Futures down. Cotton Prices falling despite concerns around supply. Gold Prices remain surprisingly stable despite interest rate hikes   Read next: Prices Of Brent Crude Oil And Silver Fall As The US Dollar Strengthening, Corn Prices Face Downward Price Pressure.    Natural Gas Futures Prices Drop Towards the end of last week the price of Natural Gas soared, however tumbled around 13% during the trading day on Monday as a change in output and expected demand occurred as a result of the changing weather forecast. In addition the EU gas pipes were reported to be filling as gas piles into the pipes from Russian Sources which caused EU prices to stabilise. The change in the price is likely to continue in the short term thanks to the fundamental factors mentioned above, however with the EU’s recent oil embargo, whether or not this downward trend will continue is unlikely. It is also important to note that the stock market experienced a sour trading day on monday, causing prices across all markets to fall. NGAS Jun ‘22 Futures Price Chart Cotton futures tank. Cotton futures saw a price dip during last week's trading week and earlier this week, however, prices seemed to have gained slightly on Tuesday. The price fall on Monday followed the trend of the wider global market which experienced a sour trading day on Monday. Prices are still soaring at high levels, due to the concerns around supply without wavering demand, and the possibility of an export ban by India is causing unrest around the commodity. Cotton Jul ‘22 Futures Price Chart Gold Futures remaining surprisingly stable (XAUUSD) Along with the rest of the global market, the price of gold dropped during the trading day on Monday. In addition the price of gold has been declining over the past days, this comes as the Fed grows more hawkish in their fight against inflation. The decline is not as sharp as market participants expected, this could be because investors are hedging their bets as the market awaits the U.S CPI report due on Wednesday. XAUUSD Jun ‘22 Futures Price Chart   Read next: (XAUUSD) Gold, Coffee and Crude Oil - Commodities Facing Price Trouble Over the Past Month    Sources: Finance.yahoo.com, asia.nikkei.com

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 May 10th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets. Metals speculator bets overall were lower this week with four out of the five metals markets we cover seeing lower bets on the week. The metals markets are seeing a cool off in their speculative positions as well as their prices as most of these markets are down from a short-term peak in early March. The only market with higher speculator bets this week was Platinum (2,904 contracts). The markets with declining speculator bets this week were Silver (-8,986 contracts), Gold (-5,853 contracts), Copper (-7,003 contracts) and Palladium (-493 contracts). Speculator strength standings for each Commodity where strength index is current net position compared to past three years, above 80 is bullish extreme, below 20 is bearish extreme OI Strength = Current Open Interest level compared to last 3 years range Spec Strength = Current Net Speculator level compared to last 3 years range Strength Move = Six week change of Spec Strength Data Snapshot of Commodity Market Traders | Columns Legend May-10-2022OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index WTI Crude 1,736,594 0 310,803 2 -354,479 98 43,676 77 Gold 571,447 34 193,315 40 -227,756 57 34,441 57 Silver 142,752 9 19,082 41 -30,519 69 11,437 9 Copper 184,502 15 -22,626 26 19,249 73 3,377 45 Palladium 8,832 11 -3,245 3 3,434 96 -189 33 Platinum 66,064 32 1,363 5 -5,373 98 4,010 18 Natural Gas 1,108,451 6 -112,529 45 64,006 51 48,523 100 Brent 173,911 19 -31,215 59 30,562 44 653 18 Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88 Soybeans 694,454 20 174,608 72 -147,698 33 -26,910 26 Corn 1,510,783 23 470,908 90 -415,345 13 -55,563 11 Coffee 212,659 5 32,555 69 -33,559 37 1,004 0 Sugar 797,453 0 187,185 75 -220,611 26 33,426 49 Wheat 308,326 0 21,686 48 -17,779 34 -3,907 92   Gold Comex Futures: The Gold Comex Futures large speculator standing this week reached a net position of 193,315 contracts in the data reported through Tuesday. This was a weekly lowering of -5,853 contracts from the previous week which had a total of 199,168 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 39.9 percent. The commercials are Bullish with a score of 56.8 percent and the small traders (not shown in chart) are Bullish with a score of 57.3 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 50.6 23.1 9.1 – Percent of Open Interest Shorts: 16.7 63.0 3.1 – Net Position: 193,315 -227,756 34,441 – Gross Longs: 288,947 132,251 52,098 – Gross Shorts: 95,632 360,007 17,657 – Long to Short Ratio: 3.0 to 1 0.4 to 1 3.0 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 39.9 56.8 57.3 – Strength Index Reading (3 Year Range): Bearish Bullish Bullish NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -24.1 21.0 19.4   Silver Comex Futures: The Silver Comex Futures large speculator standing this week reached a net position of 19,082 contracts in the data reported through Tuesday. This was a weekly fall of -8,986 contracts from the previous week which had a total of 28,068 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 41.4 percent. The commercials are Bullish with a score of 69.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 9.5 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 41.9 36.9 17.4 – Percent of Open Interest Shorts: 28.5 58.3 9.4 – Net Position: 19,082 -30,519 11,437 – Gross Longs: 59,829 52,637 24,862 – Gross Shorts: 40,747 83,156 13,425 – Long to Short Ratio: 1.5 to 1 0.6 to 1 1.9 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 41.4 69.0 9.5 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish-Extreme NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -29.1 30.3 -9.9   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week reached a net position of -22,626 contracts in the data reported through Tuesday. This was a weekly lowering of -7,003 contracts from the previous week which had a total of -15,623 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 26.1 percent. The commercials are Bullish with a score of 72.7 percent and the small traders (not shown in chart) are Bearish with a score of 44.8 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 31.2 50.6 9.3 – Percent of Open Interest Shorts: 43.4 40.1 7.5 – Net Position: -22,626 19,249 3,377 – Gross Longs: 57,510 93,318 17,183 – Gross Shorts: 80,136 74,069 13,806 – Long to Short Ratio: 0.7 to 1 1.3 to 1 1.2 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 26.1 72.7 44.8 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -38.3 38.9 -19.5   Platinum Futures: The Platinum Futures large speculator standing this week reached a net position of 1,363 contracts in the data reported through Tuesday. This was a weekly rise of 2,904 contracts from the previous week which had a total of -1,541 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 5.3 percent. The commercials are Bullish-Extreme with a score of 97.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.9 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 43.6 39.8 12.2 – Percent of Open Interest Shorts: 41.5 47.9 6.1 – Net Position: 1,363 -5,373 4,010 – Gross Longs: 28,774 26,293 8,029 – Gross Shorts: 27,411 31,666 4,019 – Long to Short Ratio: 1.0 to 1 0.8 to 1 2.0 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 5.3 97.6 17.9 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -18.1 21.2 -38.4   Palladium Futures: The Palladium Futures large speculator standing this week reached a net position of -3,245 contracts in the data reported through Tuesday. This was a weekly decrease of -493 contracts from the previous week which had a total of -2,752 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 3.0 percent. The commercials are Bullish-Extreme with a score of 96.1 percent and the small traders (not shown in chart) are Bearish with a score of 32.9 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 11.5 59.0 11.1 – Percent of Open Interest Shorts: 48.2 20.1 13.3 – Net Position: -3,245 3,434 -189 – Gross Longs: 1,013 5,209 982 – Gross Shorts: 4,258 1,775 1,171 – Long to Short Ratio: 0.2 to 1 2.9 to 1 0.8 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 3.0 96.1 32.9 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -7.1 11.8 -48.4   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.

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 May 17th 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 recent decrease in the Gold and Copper speculative positions. Gold speculator bets fell this week for the fifth straight week and for the eighth time in the past ten weeks as sentiment for the shiny metal has dulled over the past few months. This latest 5-week decline has amounted to a total reduction of -78,927 contracts from the speculator position. The current speculator standing for Gold remains in bullish position but has descended to lowest level of the past fifteen weeks (at +175,360 contracts), dating back to early February. Despite the speculator decline, the gold price rebounded by over 1 percent this week (close near $1,842 per ounce) following four straight weeks of decline that brought the Gold futures price down from a high of over $2,000 per ounce in mid-April to roughly $1,800 per ounce to close out last week. Copper speculator bets have also cooled over the past couple months and fell this week for the sixth consecutive week. This decline has taken a whopping -60,550 contracts off the speculator position and has dropped the spec level from +36,142 contracts on April 5th to -24,408 contracts this week. This week’s total marks the lowest level for Copper bets in the past 109 weeks, dating back to April 14th of 2020. The slowdown in the Chinese economy and the Covid shutdowns in China have put a dent in the Copper sentiment as China is one of the largest world producers of Copper and is the largest consumer of Copper in the world. Overall, the markets with higher speculator bets this week were just Platinum (840 contracts) and Palladium (30 contracts). The markets with declining speculator bets this week were Gold (-17,955 contracts), Silver (-2,968 contracts) and Copper (-1,782 contracts). Data Snapshot of Commodity Market Traders | Columns Legend May-17-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index WTI Crude 1,730,665 0 325,637 7 -363,869 95 38,232 69 Gold 555,756 30 175,360 33 -206,879 65 31,519 48 Silver 144,534 11 16,114 38 -24,841 75 8,727 0 Copper 189,483 19 -24,408 25 23,059 75 1,349 33 Palladium 9,114 13 -3,215 3 3,621 97 -406 20 Platinum 65,926 32 2,203 7 -6,697 96 4,494 25 Natural Gas 1,118,417 8 -115,012 44 64,340 51 50,672 100 Brent 176,861 21 -34,867 53 32,127 47 2,740 46 Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88 Soybeans 709,144 24 183,647 73 -156,937 33 -26,710 26 Corn 1,548,438 29 473,743 91 -424,756 11 -48,987 15 Coffee 206,106 0 38,487 72 -40,949 32 2,462 13 Sugar 825,281 6 196,630 77 -245,374 22 48,744 68 Wheat 326,651 8 28,806 57 -26,020 23 -2,786 98   Gold Comex Futures: The Gold Comex Futures large speculator standing this week came in at a net position of 175,360 contracts in the data reported through Tuesday. This was a weekly reduction of -17,955 contracts from the previous week which had a total of 193,315 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 33.2 percent. The commercials are Bullish with a score of 64.8 percent and the small traders (not shown in chart) are Bearish with a score of 48.0 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 50.9 24.8 9.1 – Percent of Open Interest Shorts: 19.4 62.0 3.4 – Net Position: 175,360 -206,879 31,519 – Gross Longs: 283,011 137,687 50,588 – Gross Shorts: 107,651 344,566 19,069 – Long to Short Ratio: 2.6 to 1 0.4 to 1 2.7 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 33.2 64.8 48.0 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -26.3 26.1 -5.4   Silver Comex Futures: The Silver Comex Futures large speculator standing this week came in at a net position of 16,114 contracts in the data reported through Tuesday. This was a weekly decline of -2,968 contracts from the previous week which had a total of 19,082 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 38.4 percent. The commercials are Bullish with a score of 74.5 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.0 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 41.4 37.6 16.0 – Percent of Open Interest Shorts: 30.3 54.7 10.0 – Net Position: 16,114 -24,841 8,727 – Gross Longs: 59,857 54,287 23,121 – Gross Shorts: 43,743 79,128 14,394 – Long to Short Ratio: 1.4 to 1 0.7 to 1 1.6 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 38.4 74.5 0.0 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -28.8 34.5 -34.4   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week came in at a net position of -24,408 contracts in the data reported through Tuesday. This was a weekly decrease of -1,782 contracts from the previous week which had a total of -22,626 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 24.8 percent. The commercials are Bullish with a score of 75.3 percent and the small traders (not shown in chart) are Bearish with a score of 33.1 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 28.1 53.6 8.3 – Percent of Open Interest Shorts: 40.9 41.4 7.6 – Net Position: -24,408 23,059 1,349 – Gross Longs: 53,159 101,533 15,747 – Gross Shorts: 77,567 78,474 14,398 – Long to Short Ratio: 0.7 to 1 1.3 to 1 1.1 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 24.8 75.3 33.1 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -43.6 45.4 -32.1   Platinum Futures: The Platinum Futures large speculator standing this week came in at a net position of 2,203 contracts in the data reported through Tuesday. This was a weekly advance of 840 contracts from the previous week which had a total of 1,363 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 6.5 percent. The commercials are Bullish-Extreme with a score of 95.8 percent and the small traders (not shown in chart) are Bearish with a score of 24.7 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 42.9 39.4 12.2 – Percent of Open Interest Shorts: 39.5 49.6 5.4 – Net Position: 2,203 -6,697 4,494 – Gross Longs: 28,253 26,002 8,051 – Gross Shorts: 26,050 32,699 3,557 – Long to Short Ratio: 1.1 to 1 0.8 to 1 2.3 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 6.5 95.8 24.7 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -13.0 15.5 -29.7   Palladium Futures: The Palladium Futures large speculator standing this week came in at a net position of -3,215 contracts in the data reported through Tuesday. This was a weekly rise of 30 contracts from the previous week which had a total of -3,245 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 3.2 percent. The commercials are Bullish-Extreme with a score of 97.1 percent and the small traders (not shown in chart) are Bearish with a score of 20.4 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 10.9 62.7 11.2 – Percent of Open Interest Shorts: 46.2 22.9 15.7 – Net Position: -3,215 3,621 -406 – Gross Longs: 996 5,712 1,021 – Gross Shorts: 4,211 2,091 1,427 – Long to Short Ratio: 0.2 to 1 2.7 to 1 0.7 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 3.2 97.1 20.4 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -6.7 12.4 -58.1   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.

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 May 17th 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 recent decrease in the Gold and Copper speculative positions. Gold speculator bets fell this week for the fifth straight week and for the eighth time in the past ten weeks as sentiment for the shiny metal has dulled over the past few months. This latest 5-week decline has amounted to a total reduction of -78,927 contracts from the speculator position. The current speculator standing for Gold remains in bullish position but has descended to lowest level of the past fifteen weeks (at +175,360 contracts), dating back to early February. Despite the speculator decline, the gold price rebounded by over 1 percent this week (close near $1,842 per ounce) following four straight weeks of decline that brought the Gold futures price down from a high of over $2,000 per ounce in mid-April to roughly $1,800 per ounce to close out last week. Copper speculator bets have also cooled over the past couple months and fell this week for the sixth consecutive week. This decline has taken a whopping -60,550 contracts off the speculator position and has dropped the spec level from +36,142 contracts on April 5th to -24,408 contracts this week. This week’s total marks the lowest level for Copper bets in the past 109 weeks, dating back to April 14th of 2020. The slowdown in the Chinese economy and the Covid shutdowns in China have put a dent in the Copper sentiment as China is one of the largest world producers of Copper and is the largest consumer of Copper in the world. Overall, the markets with higher speculator bets this week were just Platinum (840 contracts) and Palladium (30 contracts). The markets with declining speculator bets this week were Gold (-17,955 contracts), Silver (-2,968 contracts) and Copper (-1,782 contracts). Data Snapshot of Commodity Market Traders | Columns Legend May-17-2022OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index WTI Crude 1,730,665 0 325,637 7 -363,869 95 38,232 69 Gold 555,756 30 175,360 33 -206,879 65 31,519 48 Silver 144,534 11 16,114 38 -24,841 75 8,727 0 Copper 189,483 19 -24,408 25 23,059 75 1,349 33 Palladium 9,114 13 -3,215 3 3,621 97 -406 20 Platinum 65,926 32 2,203 7 -6,697 96 4,494 25 Natural Gas 1,118,417 8 -115,012 44 64,340 51 50,672 100 Brent 176,861 21 -34,867 53 32,127 47 2,740 46 Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88 Soybeans 709,144 24 183,647 73 -156,937 33 -26,710 26 Corn 1,548,438 29 473,743 91 -424,756 11 -48,987 15 Coffee 206,106 0 38,487 72 -40,949 32 2,462 13 Sugar 825,281 6 196,630 77 -245,374 22 48,744 68 Wheat 326,651 8 28,806 57 -26,020 23 -2,786 98   Gold Comex Futures: The Gold Comex Futures large speculator standing this week came in at a net position of 175,360 contracts in the data reported through Tuesday. This was a weekly reduction of -17,955 contracts from the previous week which had a total of 193,315 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 33.2 percent. The commercials are Bullish with a score of 64.8 percent and the small traders (not shown in chart) are Bearish with a score of 48.0 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 50.9 24.8 9.1 – Percent of Open Interest Shorts: 19.4 62.0 3.4 – Net Position: 175,360 -206,879 31,519 – Gross Longs: 283,011 137,687 50,588 – Gross Shorts: 107,651 344,566 19,069 – Long to Short Ratio: 2.6 to 1 0.4 to 1 2.7 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 33.2 64.8 48.0 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -26.3 26.1 -5.4   Silver Comex Futures: The Silver Comex Futures large speculator standing this week came in at a net position of 16,114 contracts in the data reported through Tuesday. This was a weekly decline of -2,968 contracts from the previous week which had a total of 19,082 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 38.4 percent. The commercials are Bullish with a score of 74.5 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.0 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 41.4 37.6 16.0 – Percent of Open Interest Shorts: 30.3 54.7 10.0 – Net Position: 16,114 -24,841 8,727 – Gross Longs: 59,857 54,287 23,121 – Gross Shorts: 43,743 79,128 14,394 – Long to Short Ratio: 1.4 to 1 0.7 to 1 1.6 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 38.4 74.5 0.0 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish-Extreme NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -28.8 34.5 -34.4   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week came in at a net position of -24,408 contracts in the data reported through Tuesday. This was a weekly decrease of -1,782 contracts from the previous week which had a total of -22,626 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 24.8 percent. The commercials are Bullish with a score of 75.3 percent and the small traders (not shown in chart) are Bearish with a score of 33.1 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 28.1 53.6 8.3 – Percent of Open Interest Shorts: 40.9 41.4 7.6 – Net Position: -24,408 23,059 1,349 – Gross Longs: 53,159 101,533 15,747 – Gross Shorts: 77,567 78,474 14,398 – Long to Short Ratio: 0.7 to 1 1.3 to 1 1.1 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 24.8 75.3 33.1 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -43.6 45.4 -32.1   Platinum Futures: The Platinum Futures large speculator standing this week came in at a net position of 2,203 contracts in the data reported through Tuesday. This was a weekly advance of 840 contracts from the previous week which had a total of 1,363 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 6.5 percent. The commercials are Bullish-Extreme with a score of 95.8 percent and the small traders (not shown in chart) are Bearish with a score of 24.7 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 42.9 39.4 12.2 – Percent of Open Interest Shorts: 39.5 49.6 5.4 – Net Position: 2,203 -6,697 4,494 – Gross Longs: 28,253 26,002 8,051 – Gross Shorts: 26,050 32,699 3,557 – Long to Short Ratio: 1.1 to 1 0.8 to 1 2.3 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 6.5 95.8 24.7 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -13.0 15.5 -29.7   Palladium Futures: The Palladium Futures large speculator standing this week came in at a net position of -3,215 contracts in the data reported through Tuesday. This was a weekly rise of 30 contracts from the previous week which had a total of -3,245 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 3.2 percent. The commercials are Bullish-Extreme with a score of 97.1 percent and the small traders (not shown in chart) are Bearish with a score of 20.4 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 10.9 62.7 11.2 – Percent of Open Interest Shorts: 46.2 22.9 15.7 – Net Position: -3,215 3,621 -406 – Gross Longs: 996 5,712 1,021 – Gross Shorts: 4,211 2,091 1,427 – Long to Short Ratio: 0.2 to 1 2.7 to 1 0.7 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 3.2 97.1 20.4 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -6.7 12.4 -58.1   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.

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 May 24th 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 bounce-back in Gold and Copper speculator bets after multiple down weeks for both of these metals. Copper positions saw a small turnaround with a +4,775 contract gain this week after falling for six consecutive weeks which amounted to a total drop by -60,550 net positions from April 12th to May 17th. Copper has been particularly hard hit by the lockdowns in China and the effect that it has had on the industrial and manufacturing economy there. Copper speculator bets have now been oscillating at the lowest levels in approximately two years. Gold positions, meanwhile, rose by +8,453 contracts this week after declining in the previous five weeks and by a total of -78,927 contracts in that period. Gold bullish bets are under the +200,000 net contract level for a fourth straight week after spending the previous ten weeks above that threshold. Currently in 2022, Gold positions are averaging +221,416 weekly contracts so far compared to an average of +204,623 weekly contracts over 2021 and an average of +262,052 weekly contracts over 2020. Overall, the markets with higher speculator bets this week were Gold (8,453 contracts) and Copper (4,775 contracts) while the markets with declining speculator bets this week were Silver (-2,011 contracts), Platinum (-718 contracts) and Palladium (-257 contracts). Speculator strength standings for each market where strength index is current net position compared to past three years, above 80 is bullish extreme, below 20 is bearish extreme OI Strength = Current Open Interest level compared to last 3 years range Spec Strength = Current Net Speculator level compared to last 3 years range Strength Move = Six week change of Spec Strength Data Snapshot of Commodity Market Traders | Columns Legend May-24-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index WTI Crude 1,711,863 0 334,761 11 -374,627 91 39,866 71 Gold 530,098 22 183,813 14 -211,947 82 28,134 37 Silver 146,456 13 14,103 26 -23,297 88 9,194 3 Copper 186,433 17 -19,633 28 19,288 73 345 27 Palladium 7,919 7 -3,472 2 3,800 98 -328 25 Platinum 65,824 32 1,485 5 -6,683 96 5,198 34 Natural Gas 1,107,496 6 -111,570 45 63,847 51 47,723 93 Brent 183,629 27 -39,289 45 37,488 56 1,801 34 Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88 Soybeans 729,900 28 188,368 72 -159,047 34 -29,321 21 Corn 1,544,885 29 427,848 85 -372,522 19 -55,326 11 Coffee 211,266 5 37,072 71 -38,484 34 1,412 4 Sugar 847,420 11 209,487 80 -255,450 20 45,963 65 Wheat 326,607 8 26,344 53 -24,339 25 -2,005 100   Gold Comex Futures: The Gold Comex Futures large speculator standing this week was a net position of 183,813 contracts in the data reported through Tuesday. This was a weekly boost of 8,453 contracts from the previous week which had a total of 175,360 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 14.0 percent. The commercials are Bullish-Extreme with a score of 81.5 percent and the small traders (not shown in chart) are Bearish with a score of 37.2 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 53.2 24.6 8.9 – Percent of Open Interest Shorts: 18.6 64.6 3.6 – Net Position: 183,813 -211,947 28,134 – Gross Longs: 282,202 130,364 47,411 – Gross Shorts: 98,389 342,311 19,277 – Long to Short Ratio: 2.9 to 1 0.4 to 1 2.5 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 14.0 81.5 37.2 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -35.7 35.7 -18.1   Silver Comex Futures: The Silver Comex Futures large speculator standing this week was a net position of 14,103 contracts in the data reported through Tuesday. This was a weekly reduction of -2,011 contracts from the previous week which had a total of 16,114 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 26.1 percent. The commercials are Bullish-Extreme with a score of 87.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 2.6 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 40.1 38.9 15.7 – Percent of Open Interest Shorts: 30.5 54.8 9.5 – Net Position: 14,103 -23,297 9,194 – Gross Longs: 58,748 56,910 23,064 – Gross Shorts: 44,645 80,207 13,870 – Long to Short Ratio: 1.3 to 1 0.7 to 1 1.7 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 26.1 87.6 2.6 – Strength Index Reading (3 Year Range): Bearish Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -36.9 45.6 -46.6   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week was a net position of -19,633 contracts in the data reported through Tuesday. This was a weekly gain of 4,775 contracts from the previous week which had a total of -24,408 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 28.2 percent. The commercials are Bullish with a score of 72.7 percent and the small traders (not shown in chart) are Bearish with a score of 27.3 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 29.0 53.3 8.0 – Percent of Open Interest Shorts: 39.6 42.9 7.9 – Net Position: -19,633 19,288 345 – Gross Longs: 54,130 99,318 14,993 – Gross Shorts: 73,763 80,030 14,648 – Long to Short Ratio: 0.7 to 1 1.2 to 1 1.0 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 28.2 72.7 27.3 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -30.9 33.4 -32.1   Platinum Futures: The Platinum Futures large speculator standing this week was a net position of 1,485 contracts in the data reported through Tuesday. This was a weekly reduction of -718 contracts from the previous week which had a total of 2,203 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 5.5 percent. The commercials are Bullish-Extreme with a score of 95.8 percent and the small traders (not shown in chart) are Bearish with a score of 34.5 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 39.6 41.0 13.0 – Percent of Open Interest Shorts: 37.3 51.2 5.1 – Net Position: 1,485 -6,683 5,198 – Gross Longs: 26,052 27,002 8,533 – Gross Shorts: 24,567 33,685 3,335 – Long to Short Ratio: 1.1 to 1 0.8 to 1 2.6 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 5.5 95.8 34.5 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -7.0 9.0 -22.7   Palladium Futures: The Palladium Futures large speculator standing this week was a net position of -3,472 contracts in the data reported through Tuesday. This was a weekly decline of -257 contracts from the previous week which had a total of -3,215 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 1.7 percent. The commercials are Bullish-Extreme with a score of 98.1 percent and the small traders (not shown in chart) are Bearish with a score of 24.9 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 9.2 70.1 12.3 – Percent of Open Interest Shorts: 53.0 22.2 16.4 – Net Position: -3,472 3,800 -328 – Gross Longs: 729 5,555 974 – Gross Shorts: 4,201 1,755 1,302 – Long to Short Ratio: 0.2 to 1 3.2 to 1 0.7 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 1.7 98.1 24.9 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -8.2 13.7 -55.5   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.

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 May 31st and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets. Metals large speculator bets were mostly higher this week as three out of the five metals markets we cover had higher positioning this week while two markets had lower contracts. Leading the gains for metals was Copper (1,608 contracts) with Platinum (878 contracts) and Palladium (339 contracts) also showing a positive week. Meanwhile, leading the declines in speculator bets this week was Gold (-11,224 contracts) while Silver (-106 contracts) also registered lower bets on the week. Gold positions dropped by over -11,000 contracts this week and have now been lower in nine out of the past twelve weeks. The gold position has declined by a total of -101,799 contracts over that 12-week time period. This weakness has now pushed the gold speculator net standing to the lowest level of the past seventeen weeks, dating back to February 1st. Silver bets, meanwhile, have fallen for six consecutive weeks and by a total of -32,432 contracts over that period. Silver speculators have bailed out of their bullish positions since early March 3rd when the net position hit a 43-week high at +52,297 contracts. Currently, the net position has fallen all the way down to +13,997 contracts this week which marks the lowest level in the past 155 weeks, dating back to June 11th of 2019. Strength scores (3-Year range of Speculator positions, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show that most of the metals markets are in extreme bearish levels (except Gold which is just above the 20 percent threshold). Strength score trends (or move index, that show 6-week changes in strength scores) shows the recent weakness of all of the metals market. Silver, Gold and Copper have fallen particularly hard in six weeks. Data Snapshot of Commodity Market Traders | Columns Legend May-31-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index WTI Crude 1,787,928 9 332,976 10 -373,761 91 40,785 72 Gold 513,722 18 172,589 5 -200,056 95 27,467 32 Silver 147,301 14 13,997 15 -23,861 99 9,864 6 Copper 189,923 19 -18,025 29 15,425 70 2,600 40 Palladium 6,538 1 -3,133 4 3,221 95 -88 39 Platinum 67,964 35 2,363 7 -6,501 96 4,138 20 Natural Gas 1,115,815 7 -110,368 45 59,679 50 50,689 100 Brent 181,699 25 -40,872 43 38,941 58 1,931 35 Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88 Soybeans 753,373 34 186,078 71 -158,757 34 -27,321 25 Corn 1,564,217 32 404,200 82 -353,348 22 -50,852 14 Coffee 214,170 8 43,015 76 -45,757 28 2,742 17 Sugar 848,463 11 201,680 78 -240,752 23 39,072 56 Wheat 331,136 11 22,309 48 -18,647 33 -3,662 91   Gold Comex Futures: The Gold Comex Futures large speculator standing this week totaled a net position of 172,589 contracts in the data reported through Tuesday. This was a weekly decline of -11,224 contracts from the previous week which had a total of 183,813 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 5.4 percent. The commercials are Bullish-Extreme with a score of 94.9 percent and the small traders (not shown in chart) are Bearish with a score of 32.2 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 52.5 26.3 9.1 – Percent of Open Interest Shorts: 18.9 65.3 3.7 – Net Position: 172,589 -200,056 27,467 – Gross Longs: 269,459 135,360 46,639 – Gross Shorts: 96,870 335,416 19,172 – Long to Short Ratio: 2.8 to 1 0.4 to 1 2.4 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 5.4 94.9 32.2 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -35.1 38.6 -27.6   Silver Comex Futures: The Silver Comex Futures large speculator standing this week totaled a net position of 13,997 contracts in the data reported through Tuesday. This was a weekly decrease of -106 contracts from the previous week which had a total of 14,103 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 15.1 percent. The commercials are Bullish-Extreme with a score of 99.3 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 6.2 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 37.7 38.3 16.6 – Percent of Open Interest Shorts: 28.2 54.5 9.9 – Net Position: 13,997 -23,861 9,864 – Gross Longs: 55,545 56,447 24,482 – Gross Shorts: 41,548 80,308 14,618 – Long to Short Ratio: 1.3 to 1 0.7 to 1 1.7 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 15.1 99.3 6.2 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -43.1 50.9 -38.3   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week totaled a net position of -18,025 contracts in the data reported through Tuesday. This was a weekly gain of 1,608 contracts from the previous week which had a total of -19,633 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 29.4 percent. The commercials are Bullish with a score of 70.1 percent and the small traders (not shown in chart) are Bearish with a score of 40.3 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 28.1 52.5 9.0 – Percent of Open Interest Shorts: 37.6 44.4 7.7 – Net Position: -18,025 15,425 2,600 – Gross Longs: 53,404 99,692 17,184 – Gross Shorts: 71,429 84,267 14,584 – Long to Short Ratio: 0.7 to 1 1.2 to 1 1.2 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 29.4 70.1 40.3 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -26.5 30.1 -39.7   Platinum Futures: The Platinum Futures large speculator standing this week totaled a net position of 2,363 contracts in the data reported through Tuesday. This was a weekly rise of 878 contracts from the previous week which had a total of 1,485 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 6.7 percent. The commercials are Bullish-Extreme with a score of 96.1 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 19.7 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 40.1 40.6 11.8 – Percent of Open Interest Shorts: 36.6 50.2 5.7 – Net Position: 2,363 -6,501 4,138 – Gross Longs: 27,226 27,591 8,034 – Gross Shorts: 24,863 34,092 3,896 – Long to Short Ratio: 1.1 to 1 0.8 to 1 2.1 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 6.7 96.1 19.7 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -7.4 10.1 -29.9   Palladium Futures: The Palladium Futures large speculator standing this week totaled a net position of -3,133 contracts in the data reported through Tuesday. This was a weekly increase of 339 contracts from the previous week which had a total of -3,472 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 3.7 percent. The commercials are Bullish-Extreme with a score of 94.8 percent and the small traders (not shown in chart) are Bearish with a score of 38.8 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 12.3 70.6 15.7 – Percent of Open Interest Shorts: 60.2 21.3 17.1 – Net Position: -3,133 3,221 -88 – Gross Longs: 803 4,614 1,029 – Gross Shorts: 3,936 1,393 1,117 – Long to Short Ratio: 0.2 to 1 3.3 to 1 0.9 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 3.7 94.8 38.8 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -5.4 9.5 -41.1   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.

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 June 7th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets. COT metals market speculator bets were mostly rising this week as five out of the six metals markets we cover had higher positioning this week while only one market had lower contracts. Leading the gains for the precious metals markets was Copper (14,311 contracts) and Platinum (3,570 contracts) with Silver (3,407 contracts) and Gold (2,679 contracts) also showing a positive week. Meanwhile, the only market with declines in speculator bets this week was Palladium with a fall of -328 contracts. Strength scores (3-Year range of Speculator positions, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show that only Copper (39.7 percent) is not in an extreme-bearish position at the current time. Using the Strength Index as a contrarian signal, the metals markets could be at attractive levels depending on the fundamental and technical factors of each market. Strength score trends (or move index, that calculate 6-week changes in strength scores) shows that only Platinum has been trending higher over the past six weeks. On the downside, Silver and the Gold have shown the largest downward trends. Data Snapshot of Commodity Market Traders | Columns Legend Jun-07-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index WTI Crude 1,790,618 10 328,256 8 -369,033 93 40,777 72 Gold 494,130 12 175,268 7 -199,886 95 24,618 18 Silver 148,294 15 17,404 5 -27,990 94 10,586 10 Copper 194,187 22 -3,714 40 879 60 2,835 42 Palladium 7,035 3 -3,461 2 3,581 97 -120 37 Platinum 65,295 31 5,933 12 -9,742 92 3,809 15 Natural Gas 1,127,731 10 -114,342 44 66,419 52 47,923 93 Brent 169,802 16 -36,098 51 34,208 50 1,890 35 Heating Oil 261,651 20 4,886 50 -24,428 45 19,542 66 Soybeans 760,444 35 176,644 68 -148,390 39 -28,254 23 Corn 1,557,167 31 391,264 80 -337,137 24 -54,127 12 Coffee 222,583 15 48,767 81 -51,363 23 2,596 16 Sugar 849,814 12 195,403 77 -234,496 24 39,093 56 Wheat 333,705 12 23,881 50 -19,863 31 -4,018 90   Gold Comex Futures: The Gold Comex Futures large speculator standing this week recorded a net position of 175,268 contracts in the data reported through Tuesday. This was a weekly increase of 2,679 contracts from the previous week which had a total of 172,589 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 6.8 percent. The commercials are Bullish-Extreme with a score of 95.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 18.0 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 54.7 23.7 8.9 – Percent of Open Interest Shorts: 19.2 64.1 3.9 – Net Position: 175,268 -199,886 24,618 – Gross Longs: 270,356 116,965 44,090 – Gross Shorts: 95,088 316,851 19,472 – Long to Short Ratio: 2.8 to 1 0.4 to 1 2.3 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 6.8 95.0 18.0 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -22.3 25.3 -23.5   Silver Comex Futures: The Silver Comex Futures large speculator standing this week recorded a net position of 17,404 contracts in the data reported through Tuesday. This was a weekly rise of 3,407 contracts from the previous week which had a total of 13,997 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 5.3 percent. The commercials are Bullish-Extreme with a score of 93.9 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 10.2 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 37.0 36.9 16.9 – Percent of Open Interest Shorts: 25.3 55.8 9.8 – Net Position: 17,404 -27,990 10,586 – Gross Longs: 54,899 54,707 25,089 – Gross Shorts: 37,495 82,697 14,503 – Long to Short Ratio: 1.5 to 1 0.7 to 1 1.7 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 5.3 93.9 10.2 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -28.2 26.8 -15.3   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week recorded a net position of -3,714 contracts in the data reported through Tuesday. This was a weekly rise of 14,311 contracts from the previous week which had a total of -18,025 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 39.7 percent. The commercials are Bullish with a score of 60.1 percent and the small traders (not shown in chart) are Bearish with a score of 41.7 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 30.0 51.7 8.6 – Percent of Open Interest Shorts: 31.9 51.3 7.1 – Net Position: -3,714 879 2,835 – Gross Longs: 58,232 100,449 16,646 – Gross Shorts: 61,946 99,570 13,811 – Long to Short Ratio: 0.9 to 1 1.0 to 1 1.2 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 39.7 60.1 41.7 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: 0.1 2.8 -23.7   Platinum Futures: The Platinum Futures large speculator standing this week recorded a net position of 5,933 contracts in the data reported through Tuesday. This was a weekly advance of 3,570 contracts from the previous week which had a total of 2,363 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 11.9 percent. The commercials are Bullish-Extreme with a score of 91.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.1 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 41.4 41.1 11.5 – Percent of Open Interest Shorts: 32.3 56.0 5.6 – Net Position: 5,933 -9,742 3,809 – Gross Longs: 27,004 26,823 7,479 – Gross Shorts: 21,071 36,565 3,670 – Long to Short Ratio: 1.3 to 1 0.7 to 1 2.0 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 11.9 91.6 15.1 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: 11.9 -7.9 -35.4   Palladium Futures: The Palladium Futures large speculator standing this week recorded a net position of -3,461 contracts in the data reported through Tuesday. This was a weekly decline of -328 contracts from the previous week which had a total of -3,133 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 1.8 percent. The commercials are Bullish-Extreme with a score of 96.9 percent and the small traders (not shown in chart) are Bearish with a score of 36.9 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 13.4 70.9 15.2 – Percent of Open Interest Shorts: 62.6 20.0 16.9 – Net Position: -3,461 3,581 -120 – Gross Longs: 943 4,985 1,072 – Gross Shorts: 4,404 1,404 1,192 – Long to Short Ratio: 0.2 to 1 3.6 to 1 0.9 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 1.8 96.9 36.9 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -5.5 8.3 -29.3   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.

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 June 14th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets. COT Metals market speculator bets were lower this week as all five of the metals markets we cover had lower positioning this week. Leading the declines in speculator bets this week were Gold (-20,670 contracts) and Copper (-10,083 contracts) with Platinum (-3,719 contracts), Silver (-3,399 contracts) and Palladium (-596 contracts) also registering lower bets on the week. Highlighting this week’s COT metals data was the further weakness in bullish bets for the Gold futures contracts. Gold speculators sharply dropped their bullish bets by -20,670 contracts this week and have now seen lower positions for two out of three weeks as well as for the seventh time in the past nine weeks. Over the nine-week time-frame, Gold speculator bets have fallen by a total of -99,689 contracts, going from +254,297 net positions on April 12th to +154,598 net positions this week. These decreases have brought the current level down to the least bullish standing of the past one hundred and fifty-nine weeks, dating back to May 28th of 2019. Despite the speculator weakness, the Gold futures price has not fallen too sharply although prices have cooled off since hitting an almost two-year high of $2,078 on March 8th. The Gold price currently remains trading in its range between approximately $1,800 and $1,884 that has prevailed since early in May and over the longer-term, remains in an uptrend. Strength scores (3-Year range of Speculator positions, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show that Copper (32.4 percent) is the leading pack this week although this score is just slightly above a extreme bearish score. All the other markets are currently in extreme bearish levels (below 20 percent) as speculator sentiment among the metals is very weak at the moment. Strength score trends (or move index, that calculate 6-week changes in strength scores) show that the Platinum (5.4 percent) and Copper (1.3 percent) are the only two metals with rising trend scores. Gold and Silver are neck and neck for leading the trends to the downside with scores of -22.4 percent (Gold) and -22 percent (Silver), respectively, while Platinum (-7.3 percent) also has a negative trend score for the week. Data Snapshot of Commodity Market Traders | Columns Legend Jun-14-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index WTI Crude 1,715,674 0 302,946 0 -341,654 100 38,708 70 Gold 497,456 13 154,598 0 -178,569 100 23,971 15 Silver 151,978 18 14,005 0 -22,047 100 8,042 0 Copper 187,247 17 -13,797 32 10,287 67 3,510 46 Palladium 7,740 6 -4,057 0 4,354 100 -297 27 Platinum 66,613 33 2,214 7 -6,793 96 4,579 26 Natural Gas 1,053,265 0 -123,485 42 74,310 54 49,175 96 Brent 171,026 17 -36,389 50 34,601 51 1,788 33 Heating Oil 268,199 23 8,475 55 -28,686 41 20,211 68 Soybeans 754,428 34 182,667 70 -155,663 37 -27,004 25 Corn 1,521,565 25 399,775 81 -344,196 23 -55,579 11 Coffee 202,656 0 46,885 79 -48,399 25 1,514 5 Sugar 800,806 1 170,483 72 -198,006 31 27,523 42 Wheat 336,890 13 20,435 46 -18,089 34 -2,346 98   Gold Comex Futures: The Gold Comex Futures large speculator standing this week equaled a net position of 154,598 contracts in the data reported through Tuesday. This was a weekly fall of -20,670 contracts from the previous week which had a total of 175,268 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 14.9 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 53.6 24.5 9.2 – Percent of Open Interest Shorts: 22.5 60.4 4.4 – Net Position: 154,598 -178,569 23,971 – Gross Longs: 266,596 121,926 45,726 – Gross Shorts: 111,998 300,495 21,755 – Long to Short Ratio: 2.4 to 1 0.4 to 1 2.1 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 0.0 100.0 14.9 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -22.4 25.7 -31.1   Silver Comex Futures: The Silver Comex Futures large speculator standing this week equaled a net position of 14,005 contracts in the data reported through Tuesday. This was a weekly fall of -3,399 contracts from the previous week which had a total of 17,404 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.0 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 37.6 39.6 16.0 – Percent of Open Interest Shorts: 28.4 54.1 10.7 – Net Position: 14,005 -22,047 8,042 – Gross Longs: 57,216 60,161 24,268 – Gross Shorts: 43,211 82,208 16,226 – Long to Short Ratio: 1.3 to 1 0.7 to 1 1.5 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 0.0 100.0 0.0 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -22.0 21.9 -16.9   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week equaled a net position of -13,797 contracts in the data reported through Tuesday. This was a weekly decline of -10,083 contracts from the previous week which had a total of -3,714 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 32.4 percent. The commercials are Bullish with a score of 66.5 percent and the small traders (not shown in chart) are Bearish with a score of 45.6 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 27.3 55.2 8.8 – Percent of Open Interest Shorts: 34.6 49.7 6.9 – Net Position: -13,797 10,287 3,510 – Gross Longs: 51,077 103,433 16,449 – Gross Shorts: 64,874 93,146 12,939 – Long to Short Ratio: 0.8 to 1 1.1 to 1 1.3 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 32.4 66.5 45.6 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: 1.3 0.1 -11.8   Platinum Futures: The Platinum Futures large speculator standing this week equaled a net position of 2,214 contracts in the data reported through Tuesday. This was a weekly decrease of -3,719 contracts from the previous week which had a total of 5,933 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 6.5 percent. The commercials are Bullish-Extreme with a score of 95.7 percent and the small traders (not shown in chart) are Bearish with a score of 25.8 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 37.7 42.3 12.9 – Percent of Open Interest Shorts: 34.3 52.5 6.0 – Net Position: 2,214 -6,793 4,579 – Gross Longs: 25,085 28,194 8,597 – Gross Shorts: 22,871 34,987 4,018 – Long to Short Ratio: 1.1 to 1 0.8 to 1 2.1 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 6.5 95.7 25.8 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: 5.4 -4.3 -8.8   Palladium Futures: The Palladium Futures large speculator standing this week equaled a net position of -4,057 contracts in the data reported through Tuesday. This was a weekly fall of -596 contracts from the previous week which had a total of -3,461 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 26.7 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 13.5 71.8 14.3 – Percent of Open Interest Shorts: 65.9 15.5 18.1 – Net Position: -4,057 4,354 -297 – Gross Longs: 1,045 5,555 1,105 – Gross Shorts: 5,102 1,201 1,402 – Long to Short Ratio: 0.2 to 1 4.6 to 1 0.8 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 0.0 100.0 26.7 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -7.3 10.7 -34.4   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.

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 June 21st and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets. COT metals market speculator bets were mostly higher for the week as three out of the five metals markets we cover had higher positioning this week while two markets had lower contracts. Leading the gains for the precious metals markets was Gold (8,689 contracts) and Silver (4,414 contracts) with Palladium (11 contracts) also showing a small positive week. Meanwhile, leading the declines in speculator bets this week was Copper (-7,141 contracts) while Platinum (-723 contracts) also registered lower bets on the week. Notes: Highlighting the data for metals this week is the Gold positioning. Gold speculative positions rebounded a bit this week after seeing a sharp decline last week of over -20,000 contracts. The Gold net position has been mostly on the defensive since March 8th when the spec level had reached a total of +274,388 contracts which was a 61-week high, dating back to January 5th of 2021. Since then, the overall bullish position has shed a total of -111,101 contracts to settle at this week’s net standing of +163,287 contracts (just 4.4 percent level of its 3-year range). The Gold futures price, however, remains in an uptrend on the daily charts and is sitting right on a significant upward trendline that started in March of 2021. Silver positioning, much like Gold’s, has been under pressure over the past fifteen weeks. On March 8th, Silver bets reached a forty-three week high at +52,297 contracts, coinciding with the Silver futures price hitting a 2022 high of $27.49. Since then, speculator bets have cooled and have fallen in ten out of the past fifteen weeks (and by a total of -33,878 contracts) to this week’s standing of just +18,419 contracts. The Silver futures price has been on a downtrend since April, currently trading at just over $21.00 and possibly on its way towards the significant psychological level of $20.00. Strength scores (3-Year range of Speculator positions, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show that Copper (27 percent) remains the only precious metals futures market that is not in an extreme bearish level (below 20 percent). A rising interest rate environment with a strong US Dollar has weighed on the precious metals category as speculator futures sentiment continues to be really weak at the moment. Strength score trends (or move index, that calculate 6-week changes in strength scores) shows that Gold (-15.1 percent) and Palladium (-4.5 percent) lead the downward trends over the past six weeks. Copper (1.2 percent) and Platinum (0.2 percent) are the only two markets with positive trends over the time period. Data Snapshot of Commodity Market Traders | Columns Legend Jun-21-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index WTI Crude 1,658,636 0 289,502 0 -323,915 100 34,413 64 Gold 500,276 14 163,287 4 -186,929 96 23,642 14 Silver 145,356 12 18,419 7 -27,250 93 8,831 4 Copper 187,170 17 -20,938 27 18,928 72 2,010 37 Palladium 7,641 6 -4,046 0 4,511 100 -465 17 Platinum 64,946 30 1,491 6 -6,397 96 4,906 30 Natural Gas 1,030,971 0 -130,869 39 85,977 58 44,892 86 Brent 173,098 18 -38,010 47 36,052 53 1,958 36 Heating Oil 268,818 23 9,564 56 -28,204 41 18,640 63 Soybeans 745,494 32 178,379 68 -152,968 38 -25,411 28 Corn 1,512,152 23 380,169 79 -326,474 25 -53,695 12 Coffee 192,832 0 49,371 81 -52,348 22 2,977 20 Sugar 779,773 0 163,111 70 -181,280 34 18,169 30 Wheat 320,326 6 19,067 44 -15,407 38 -3,660 91   Gold Comex Futures: The Gold Comex Futures large speculator standing this week came in at a net position of 163,287 contracts in the data reported through Tuesday. This was a weekly rise of 8,689 contracts from the previous week which had a total of 154,598 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 4.4 percent. The commercials are Bullish-Extreme with a score of 96.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 13.7 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 53.6 24.0 8.9 – Percent of Open Interest Shorts: 21.0 61.4 4.1 – Net Position: 163,287 -186,929 23,642 – Gross Longs: 268,119 120,045 44,380 – Gross Shorts: 104,832 306,974 20,738 – Long to Short Ratio: 2.6 to 1 0.4 to 1 2.1 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 4.4 96.0 13.7 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -15.1 19.7 -38.5   Silver Comex Futures: The Silver Comex Futures large speculator standing this week came in at a net position of 18,419 contracts in the data reported through Tuesday. This was a weekly increase of 4,414 contracts from the previous week which had a total of 14,005 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 6.9 percent. The commercials are Bullish-Extreme with a score of 93.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 4.2 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 37.5 37.7 17.2 – Percent of Open Interest Shorts: 24.8 56.5 11.1 – Net Position: 18,419 -27,250 8,831 – Gross Longs: 54,451 54,828 25,018 – Gross Shorts: 36,032 82,078 16,187 – Long to Short Ratio: 1.5 to 1 0.7 to 1 1.5 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 6.9 93.4 4.2 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -1.0 4.2 -13.8   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week came in at a net position of -20,938 contracts in the data reported through Tuesday. This was a weekly decline of -7,141 contracts from the previous week which had a total of -13,797 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 27.3 percent. The commercials are Bullish with a score of 72.5 percent and the small traders (not shown in chart) are Bearish with a score of 36.9 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 26.8 55.5 9.0 – Percent of Open Interest Shorts: 38.0 45.3 8.0 – Net Position: -20,938 18,928 2,010 – Gross Longs: 50,230 103,789 16,909 – Gross Shorts: 71,168 84,861 14,899 – Long to Short Ratio: 0.7 to 1 1.2 to 1 1.1 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 27.3 72.5 36.9 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: 1.2 -0.2 -7.9   Platinum Futures: The Platinum Futures large speculator standing this week came in at a net position of 1,491 contracts in the data reported through Tuesday. This was a weekly fall of -723 contracts from the previous week which had a total of 2,214 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 5.5 percent. The commercials are Bullish-Extreme with a score of 96.2 percent and the small traders (not shown in chart) are Bearish with a score of 30.4 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 39.5 43.9 13.0 – Percent of Open Interest Shorts: 37.2 53.7 5.4 – Net Position: 1,491 -6,397 4,906 – Gross Longs: 25,676 28,487 8,413 – Gross Shorts: 24,185 34,884 3,507 – Long to Short Ratio: 1.1 to 1 0.8 to 1 2.4 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 5.5 96.2 30.4 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: 0.2 -1.4 12.5   Palladium Futures: The Palladium Futures large speculator standing this week came in at a net position of -4,046 contracts in the data reported through Tuesday. This was a weekly lift of 11 contracts from the previous week which had a total of -4,057 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 0.1 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.0 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 13.2 74.0 12.6 – Percent of Open Interest Shorts: 66.2 15.0 18.6 – Net Position: -4,046 4,511 -465 – Gross Longs: 1,009 5,655 960 – Gross Shorts: 5,055 1,144 1,425 – Long to Short Ratio: 0.2 to 1 4.9 to 1 0.7 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 0.1 100.0 17.0 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -4.5 6.0 -16.0   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.

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 June 28th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets. The COT metals market speculator bets were overall lower this week as just one out of the six metals markets we cover had higher positioning this week while five markets had lower contracts. The only precious metals market with higher speculator bets was Palladium with a net gain of just 221 contracts on the week. Leading the declines in speculator bets this week were Copper (-9,758 contracts) and Silver (-7,528 contracts) with Gold (-5,594 contracts) and Platinum (-2,797 contracts) also registering lower bets on the week. Strength scores (measuring the 3-Year range of Speculator positions, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show that all of the metals are in bearish extreme levels at the moment. Copper (20 percent) is at the highest level of all but still right at the cusp of the bearish extreme level while all the other metals are at just 2 percent or under, signifying that these are right at the bottom of their 3-year speculator sentiment range.   Strength score trends (or move index, that calculate 6-week changes in strength scores) show a similar picture as well with all the metals seeing downtrends for the past six weeks. Gold at -9 percent is leading the trends lower followed by Silver at -8 percent with the other metals all at -5 percent or lower.   Data Snapshot of Commodity Market Traders | Columns Legend Jun-28-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index WTI Crude 1,651,566 0 299,692 3 -327,938 99 28,246 55 Gold 497,005 13 157,693 2 -182,007 98 24,314 16 Silver 135,775 3 10,891 0 -18,485 100 7,594 0 Copper 182,352 14 -30,696 20 31,197 81 -501 22 Palladium 7,765 6 -3,825 1 4,441 100 -616 8 Platinum 68,232 36 -1,306 2 -3,381 100 4,687 27 Natural Gas 987,740 0 -129,419 40 90,840 60 38,579 71 Brent 173,920 19 -42,677 40 41,434 62 1,243 26 Heating Oil 269,168 23 7,508 53 -25,743 44 18,235 62 Soybeans 653,337 11 137,193 56 -106,705 52 -30,488 20 Corn 1,338,054 0 328,102 72 -274,110 33 -53,992 12 Coffee 194,896 2 45,200 78 -47,147 26 1,947 9 Sugar 734,324 0 122,709 62 -132,877 43 10,168 20 Wheat 291,041 0 7,679 29 -1,871 57 -5,808 80   Gold Comex Futures: The Gold Comex Futures large speculator standing this week recorded a net position of 157,693 contracts in the data reported through Tuesday. This was a weekly fall of -5,594 contracts from the previous week which had a total of 163,287 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 1.6 percent. The commercials are Bullish-Extreme with a score of 98.3 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 16.1 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 54.1 23.5 9.0 – Percent of Open Interest Shorts: 22.3 60.2 4.1 – Net Position: 157,693 -182,007 24,314 – Gross Longs: 268,712 117,038 44,823 – Gross Shorts: 111,019 299,045 20,509 – Long to Short Ratio: 2.4 to 1 0.4 to 1 2.2 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 1.6 98.3 16.1 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -8.9 12.0 -25.7   Silver Comex Futures: The Silver Comex Futures large speculator standing this week recorded a net position of 10,891 contracts in the data reported through Tuesday. This was a weekly decrease of -7,528 contracts from the previous week which had a total of 18,419 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.0 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 39.0 40.8 16.7 – Percent of Open Interest Shorts: 31.0 54.4 11.1 – Net Position: 10,891 -18,485 7,594 – Gross Longs: 52,932 55,406 22,724 – Gross Shorts: 42,041 73,891 15,130 – Long to Short Ratio: 1.3 to 1 0.7 to 1 1.5 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 0.0 100.0 0.0 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -7.8 7.7 -5.8   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week recorded a net position of -30,696 contracts in the data reported through Tuesday. This was a weekly decrease of -9,758 contracts from the previous week which had a total of -20,938 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 20.3 percent. The commercials are Bullish-Extreme with a score of 80.9 percent and the small traders (not shown in chart) are Bearish with a score of 22.4 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 26.2 56.8 8.0 – Percent of Open Interest Shorts: 43.0 39.7 8.2 – Net Position: -30,696 31,197 -501 – Gross Longs: 47,782 103,666 14,516 – Gross Shorts: 78,478 72,469 15,017 – Long to Short Ratio: 0.6 to 1 1.4 to 1 1.0 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 20.3 80.9 22.4 – Strength Index Reading (3 Year Range): Bearish Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -4.5 5.6 -10.7   Platinum Futures: The Platinum Futures large speculator standing this week recorded a net position of -1,306 contracts in the data reported through Tuesday. This was a weekly decrease of -2,797 contracts from the previous week which had a total of 1,491 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 1.5 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 27.4 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 41.7 41.6 12.5 – Percent of Open Interest Shorts: 43.6 46.6 5.6 – Net Position: -1,306 -3,381 4,687 – Gross Longs: 28,451 28,413 8,503 – Gross Shorts: 29,757 31,794 3,816 – Long to Short Ratio: 1.0 to 1 0.9 to 1 2.2 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 1.5 100.0 27.4 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -5.0 4.6 2.7   Palladium Futures: The Palladium Futures large speculator standing this week recorded a net position of -3,825 contracts in the data reported through Tuesday. This was a weekly rise of 221 contracts from the previous week which had a total of -4,046 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 1.3 percent. The commercials are Bullish-Extreme with a score of 99.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 8.2 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 14.8 73.1 11.5 – Percent of Open Interest Shorts: 64.0 15.9 19.4 – Net Position: -3,825 4,441 -616 – Gross Longs: 1,146 5,674 893 – Gross Shorts: 4,971 1,233 1,509 – Long to Short Ratio: 0.2 to 1 4.6 to 1 0.6 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 1.3 99.6 8.2 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -3.4 4.6 -12.2   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.

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 July 5th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets. COT Metals market speculator bets were overall lower this week as just one out of the six metals markets we cover had higher positioning this week while the other five markets had lower contracts. The only precious metals market to have higher speculator bets this week was Palladium with a rise of just 415 contracts. Meanwhile, leading the declines in speculator bets this week were Gold (-12,033 contracts) and Silver (-5,752 contracts) with Platinum (-1,428 contracts) and Copper (-1,100 contracts) also having lower bets for the week. Highlights of the Metals data: Gold speculators bets have dropped for the past two straight weeks and for nine out of the past twelve weeks. These declines have taken a total of -108,627 contracts off the Gold bullish position in past twelve weeks Current Gold speculator position has fallen to lowest level since May 28th of 2019, a span of 162 weeks Silver bets have dropped in nine out of the past eleven weeks (for a total decrease of -41,290 contracts) Silver speculator positions have now fallen to the lowest level in 160 weeks, dating back to June 11th of 2019 Copper speculator positions are in bearish territory for an 11th straight week and speculator bets have fallen by a total of -67,938 contracts since April 5th Copper speculator bets have decreased to the lowest level (currently at -31,796 contracts) in the past 120 weeks, dating back to March 17th of 2020 Strength scores (measuring the 3-Year range of Speculator positions, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show that the speculator sentiment for all of the precious metals is near or at the bottom of each of their 3-year ranges. The highest strength score currently is for Copper (19.5 percent) which is in an extreme bearish level for the past three years (under 20 percent). All the other markets also are in extreme bearish levels as well with Gold, Silver and Platinum residing at 3-year lows of 0 percent each. Strength score trends (or move index, that calculate 6-week changes in strength scores) shows that Gold (-18.3 percent), Silver (-12.3 percent) and Copper (-8.8 percent) are leading the scores to the downside over the past six weeks followed by Platinum (-6.0 percent). Palladium (0.3 percent) is the only precious metals with a positive score although it is barely positive. Data Snapshot of Commodity Market Traders | Columns Legend Jul-05-2022OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index WTI Crude 1,637,862 0 280,523 0 -304,217 100 23,694 48 Gold 498,210 13 145,660 0 -165,585 100 19,925 0 Silver 140,463 7 5,139 0 -11,622 100 6,483 0 Copper 183,331 15 -31,796 19 31,340 81 456 28 Palladium 7,373 5 -3,410 4 4,104 98 -694 4 Platinum 72,895 44 -2,734 0 -1,670 100 4,404 23 Natural Gas 977,507 0 -130,519 39 91,950 60 38,569 71 Brent 166,711 13 -38,514 47 37,309 55 1,205 26 Heating Oil 264,269 21 6,486 52 -22,775 47 16,289 55 Soybeans 638,675 7 125,491 52 -93,638 56 -31,853 17 Corn 1,331,035 0 260,705 63 -207,441 42 -53,264 12 Coffee 193,731 1 46,787 79 -49,139 25 2,352 14 Sugar 713,245 0 83,512 54 -85,255 52 1,743 10 Wheat 288,754 0 8,384 30 623 61 -9,007 64   Gold Comex Futures: The Gold Comex Futures large speculator standing this week totaled a net position of 145,660 contracts in the data reported through Tuesday. This was a weekly decline of -12,033 contracts from the previous week which had a total of 157,693 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.5 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 53.8 23.7 8.8 – Percent of Open Interest Shorts: 24.5 57.0 4.8 – Net Position: 145,660 -165,585 19,925 – Gross Longs: 267,806 118,289 43,933 – Gross Shorts: 122,146 283,874 24,008 – Long to Short Ratio: 2.2 to 1 0.4 to 1 1.8 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 0.0 100.0 0.5 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -18.3 21.1 -29.3   Silver Comex Futures: The Silver Comex Futures large speculator standing this week totaled a net position of 5,139 contracts in the data reported through Tuesday. This was a weekly reduction of -5,752 contracts from the previous week which had a total of 10,891 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.0 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 39.0 40.0 16.0 – Percent of Open Interest Shorts: 35.4 48.2 11.4 – Net Position: 5,139 -11,622 6,483 – Gross Longs: 54,841 56,137 22,495 – Gross Shorts: 49,702 67,759 16,012 – Long to Short Ratio: 1.1 to 1 0.8 to 1 1.4 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 0.0 100.0 0.0 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -12.3 13.1 -13.2   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week totaled a net position of -31,796 contracts in the data reported through Tuesday. This was a weekly reduction of -1,100 contracts from the previous week which had a total of -30,696 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 Bearish-Extreme with a score of 19.5 percent. The commercials are Bullish-Extreme with a score of 81.0 percent and the small traders (not shown in chart) are Bearish with a score of 27.9 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 29.5 51.7 8.5 – Percent of Open Interest Shorts: 46.8 34.6 8.2 – Net Position: -31,796 31,340 456 – Gross Longs: 54,073 94,749 15,516 – Gross Shorts: 85,869 63,409 15,060 – Long to Short Ratio: 0.6 to 1 1.5 to 1 1.0 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 19.5 81.0 27.9 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -8.8 8.3 0.6   Platinum Futures: The Platinum Futures large speculator standing this week totaled a net position of -2,734 contracts in the data reported through Tuesday. This was a weekly reduction of -1,428 contracts from the previous week which had a total of -1,306 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 23.4 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 43.8 38.6 11.9 – Percent of Open Interest Shorts: 47.5 40.9 5.9 – Net Position: -2,734 -1,670 4,404 – Gross Longs: 31,920 28,155 8,693 – Gross Shorts: 34,654 29,825 4,289 – Long to Short Ratio: 0.9 to 1 0.9 to 1 2.0 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 0.0 100.0 23.4 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: -6.0 6.7 -11.1   Palladium Futures: The Palladium Futures large speculator standing this week totaled a net position of -3,410 contracts in the data reported through Tuesday. This was a weekly gain of 415 contracts from the previous week which had a total of -3,825 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 3.6 percent. The commercials are Bullish-Extreme with a score of 97.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 3.7 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 15.4 73.1 11.2 – Percent of Open Interest Shorts: 61.6 17.4 20.6 – Net Position: -3,410 4,104 -694 – Gross Longs: 1,132 5,389 825 – Gross Shorts: 4,542 1,285 1,519 – Long to Short Ratio: 0.2 to 1 4.2 to 1 0.5 to 1 NET POSITION TREND:       – Strength Index Score (3 Year Range Pct): 3.6 97.7 3.7 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX:       – 6-Week Change in Strength Index: 0.3 1.7 -21.2   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.

Summary: Noord Stream pipeline maintenance causing supply concerns. Decreased cotton consumption from top clothing makers. Gold futures touching near 9 month lows. Read next: Recession Fears Are Affecting Brent Crude Prices, Silver Price vs A Hawkish Federal Reserve, Corn At 8-Week Highs  NGas Prices driven by increased demand Natural Gas futures are recovering from a 3 month low experienced earlier in July, supported by strong international and domestic demand. As the weather gets hotter and demand for cooling increases, the demand for NGas strengthens whilst routine maintenance on the Noord Stream pipeline are contributing to driving prices higher. NGAS Aug’22 Futures Price Chart Strong Cotton supply prospects Cotton prices have been falling in the wake of lower demand prospects as China adopted new Covid-19 curbs adding to global shutdown concerns already in place which have been caused by aggressive monetary policy tightening by major central banks. At the same time, USDA cut the world production expectations for cotton by 450,000 bails for June due to decreased consumption from Bangladesh and Mexico. Cotton supplies are looking strong going forward. Cotton Oct ‘22 Futures Price Chart Gold futures Gold futures are hovering around 9-month lows on Tuesday in the wake of investors choosing the US Dollar as a hedge against inflation and risks around a recession over gold. Expectations that the Federal Reserve will continue to tighten monetary policy by aggressively raising interest rates have also put pressure on gold prices as a stronger than expected US jobs report and upcoming US inflation data could bolster the Feds plans. Gold Aug ‘22 Future Price Chart Sources: finance.yahoo.com, tradingeconomics.com

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 July 12th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets. Weekly Speculator Changes COT precious metals speculator bets were lower again this week as two out of the five metals markets we cover had higher positioning while the other three markets had lower contracts. Leading the gains for the precious metals markets was Copper with a weekly gain of 5,501 contracts while Palladium (608 contracts) also showed a positive week. The metals markets leading the declines in speculator bets this week were Gold (-27,539 contracts) and Platinum (-3,177 contracts) with Silver (-1,935 contracts) also registering lower bets on the week. Highlighting the metals data this week is the continued drop in the Gold speculator positions. Gold speculator bets have fallen for three straight weeks and in ten out of the past thirteen weeks. This amounts to a total decline of -136,166 contracts over that 13-week period. The current bullish standing for Gold has dipped all the way to +118,121 contracts which is a steeply lower compared to the 2022 weekly average of +204,891 contracts. The current speculator standing is at the lowest level in the past one hundred and sixty-three weeks, dating back to May 28th of 2019 when spec bets totaled just +86,688 contracts. Silver contracts have also been in a deep decline as well with speculator bets falling for three straight weeks and for ten out of the past eleven weeks (a total -43,225 contract decline over past 11 weeks). This weakness has brought the overall net position very close to falling into negative or bearish territory at a total of just +3,204 contracts currently. Silver bets, like Gold, are at the lowest level in one hundred and sixty-one weeks, dating back to June 11th of 2019. Data Snapshot of Commodity Market Traders | Columns Legend Jul-12-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index WTI Crude 1,612,803 0 268,328 0 -294,526 100 26,198 52 Gold 542,493 26 118,121 0 -137,788 100 19,667 0 Silver 142,259 9 3,204 0 -9,612 100 6,408 0 Copper 172,037 6 -26,295 23 27,061 78 -766 21 Palladium 6,474 1 -2,802 7 3,252 93 -450 18 Platinum 75,615 48 -5,911 0 1,235 100 4,676 27 Natural Gas 969,204 0 -131,603 39 94,195 61 37,408 69 Brent 171,950 17 -38,388 47 36,619 54 1,769 33 Heating Oil 266,330 22 6,728 52 -22,853 47 16,125 54 Soybeans 611,751 1 115,119 49 -87,284 57 -27,835 24 Corn 1,333,199 0 247,156 62 -196,533 44 -50,623 14 Coffee 195,810 2 34,308 68 -35,166 37 858 0 Sugar 701,144 0 105,869 58 -115,779 46 9,910 20 Wheat 288,182 0 4,639 25 5,041 67 -9,680 60   Strength Scores Strength scores (a measure of the 3-Year range of Speculator positions, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show the very weak speculator sentiment levels for the precious metals at the moment. Four out of the five metals markets currently have bearish extreme positioning (below 20 percent) as has been the case for many weeks. Copper (23.4 percent) is the only market not in a bearish extreme level currently but remains in the bottom quartile of its 3-year range of speculator positions. Gold, Silver and Platinum are all at zero percent levels which means that speculator bets are at 3-year lows. Strength Statistics: Gold (0.0 percent) vs Gold previous week (11.7 percent) Silver (0.0 percent) vs Silver previous week (2.6 percent) Copper (23.4 percent) vs Copper previous week (19.5 percent) Platinum (0.0 percent) vs Platinum previous week (4.3 percent) Palladium (7.1 percent) vs Palladium previous week (3.6 percent) Strength Trends Strength Score Trends (or move index, calculates the 6-week changes in strength scores) show that the Palladium (1.9 percent) leads the past six weeks trends for metals this week and has the only positive trend among metals. Gold (-23.1 percent), Silver (-14.5 percent) and Platinum (-11.3 percent) lead the downside trend scores currently while Copper (-6.0 percent). Move Statistics: Gold (-23.1 percent) vs Gold previous week (-16.2 percent) Silver (-14.5 percent) vs Silver previous week (-12.0 percent) Copper (-6.0 percent) vs Copper previous week (-8.8 percent) Platinum (-11.3 percent) vs Platinum previous week (-5.7 percent) Palladium (1.9 percent) vs Palladium previous week (0.3 percent) Gold Comex Futures: The Gold Comex Futures large speculator standing this week totaled a net position of 118,121 contracts in the data reported through Tuesday. This was a weekly decrease of -27,539 contracts from the previous week which had a total of 145,660 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.0 percent. Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 46.3 24.2 9.7 – Percent of Open Interest Shorts: 24.5 49.6 6.1 – Net Position: 118,121 -137,788 19,667 – Gross Longs: 251,126 131,170 52,583 – Gross Shorts: 133,005 268,958 32,916 – Long to Short Ratio: 1.9 to 1 0.5 to 1 1.6 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 0.0 100.0 0.0 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -23.1 25.1 -27.7   Silver Comex Futures: The Silver Comex Futures large speculator standing this week totaled a net position of 3,204 contracts in the data reported through Tuesday. This was a weekly decrease of -1,935 contracts from the previous week which had a total of 5,139 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.0 percent. Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 38.5 40.7 15.3 – Percent of Open Interest Shorts: 36.2 47.4 10.8 – Net Position: 3,204 -9,612 6,408 – Gross Longs: 54,744 57,865 21,748 – Gross Shorts: 51,540 67,477 15,340 – Long to Short Ratio: 1.1 to 1 0.9 to 1 1.4 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 0.0 100.0 0.0 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -14.5 15.6 -16.8   Copper Grade #1 Futures: The Copper Grade #1 Futures large speculator standing this week totaled a net position of -26,295 contracts in the data reported through Tuesday. This was a weekly rise of 5,501 contracts from the previous week which had a total of -31,796 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 with a score of 78.1 percent and the small traders (not shown in chart) are Bearish with a score of 20.9 percent. Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 30.6 50.8 8.1 – Percent of Open Interest Shorts: 45.9 35.1 8.6 – Net Position: -26,295 27,061 -766 – Gross Longs: 52,623 87,389 13,967 – Gross Shorts: 78,918 60,328 14,733 – Long to Short Ratio: 0.7 to 1 1.4 to 1 0.9 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 23.4 78.1 20.9 – Strength Index Reading (3 Year Range): Bearish Bullish Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -6.0 8.0 -19.5   Platinum Futures: The Platinum Futures large speculator standing this week totaled a net position of -5,911 contracts in the data reported through Tuesday. This was a weekly fall of -3,177 contracts from the previous week which had a total of -2,734 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 27.2 percent. Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 43.1 39.4 11.2 – Percent of Open Interest Shorts: 50.9 37.7 5.0 – Net Position: -5,911 1,235 4,676 – Gross Longs: 32,580 29,758 8,464 – Gross Shorts: 38,491 28,523 3,788 – Long to Short Ratio: 0.8 to 1 1.0 to 1 2.2 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 0.0 100.0 27.2 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: -11.3 10.0 7.5   Palladium Futures: The Palladium Futures large speculator standing this week totaled a net position of -2,802 contracts in the data reported through Tuesday. This was a weekly lift of 608 contracts from the previous week which had a total of -3,410 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 7.1 percent. The commercials are Bullish-Extreme with a score of 93.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.8 percent. Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS – Percent of Open Interest Longs: 15.5 70.8 13.2 – Percent of Open Interest Shorts: 58.7 20.6 20.1 – Net Position: -2,802 3,252 -450 – Gross Longs: 1,001 4,586 853 – Gross Shorts: 3,803 1,334 1,303 – Long to Short Ratio: 0.3 to 1 3.4 to 1 0.7 to 1 NET POSITION TREND: – Strength Index Score (3 Year Range Pct): 7.1 93.0 17.8 – Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme NET POSITION MOVEMENT INDEX: – 6-Week Change in Strength Index: 1.9 0.2 -20.9   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.

Energy The oil price rally that has been in place since June has ended.  Energy traders will focus on the latest problems from China, the global flash PMIs, the Jackson Hole Symposium, and the BRICS summit.  After having an interrupted rally from $68 to $84, WTI crude looks poised to consolidate around the $80 region as traders grapple with a tight market that is facing headwinds from world’s two largest economies.  Following the Jackson Hole gathering, it will be clear if the bond market selloff continues or cools down.  If the global economic outlook become even more pessimistic, oil might give up a good portion of the recent rally. Natural gas prices remain fixated over strike action at an LNG facility in Australia. Fresh talks between Woodside Energy and union officials are expected to begin on August 23rd.  Natural gas will remain volatile until we have a handle on how gas availability will be for the winter.   Gold Gold traders will closely watch the annual Jackson Hole Symposium and how aggressive China becomes with providing support to the deepening property crisis. The global bond market selloff has sent gold prices sharply lower over the past month but that could stabilize if we get a dovish Fed Chair Powell and as long as China doesn’t disappoint with the next wave of stimulus. Spot gold has fallen below the $1900 level, but momentum selling has slowed. Gold traders are also fixating over the $1900 level for gold futures. Currently, gold futures are only $45 away from their March lows, while spot gold is around $80 away. For gold selling pressure to remain, global bond yields might need to surge higher.    

Energy The oil price rally that has been in place since June has ended.  Energy traders will focus on the latest problems from China, the global flash PMIs, the Jackson Hole Symposium, and the BRICS summit.  After having an interrupted rally from $68 to $84, WTI crude looks poised to consolidate around the $80 region as traders grapple with a tight market that is facing headwinds from world’s two largest economies.  Following the Jackson Hole gathering, it will be clear if the bond market selloff continues or cools down.  If the global economic outlook become even more pessimistic, oil might give up a good portion of the recent rally. Natural gas prices remain fixated over strike action at an LNG facility in Australia. Fresh talks between Woodside Energy and union officials are expected to begin on August 23rd.  Natural gas will remain volatile until we have a handle on how gas availability will be for the winter.   Gold Gold traders will closely watch the annual Jackson Hole Symposium and how aggressive China becomes with providing support to the deepening property crisis. The global bond market selloff has sent gold prices sharply lower over the past month but that could stabilize if we get a dovish Fed Chair Powell and as long as China doesn’t disappoint with the next wave of stimulus. Spot gold has fallen below the $1900 level, but momentum selling has slowed. Gold traders are also fixating over the $1900 level for gold futures. Currently, gold futures are only $45 away from their March lows, while spot gold is around $80 away. For gold selling pressure to remain, global bond yields might need to surge higher.    

Canadian Dollar Experiences Biggest Intra-day Gain Since End of July. The Canadian dollar has been experiencing a steady weakening against the US dollar since mid-July. The ongoing bullish uptrend of USD/CAD is meeting resistance as foreign exchange traders speculate on the possibility of the Fed and BOC being close to completing their tightening cycles with one more rate hike. Major resistance at the 1.36 level could hold, potentially leading to a pullback targeting the 1.3454 level, the current 200-day SMA. The upcoming week might bring a hawkish stance from Fed Chair Powell, which could revive the king dollar trade. Oil Market Rally Fizzles Amid Strong Dollar Trade and Rising Real Yields Crude oil prices initially rallied in the morning, driven by expectations of a tight oil market due to current backwardation trends. However, the surge in real yields and a potential strong dollar resurgence after Jackson Hole are contributing to the reversal of the oil price rally. While risks to crude demand are emerging, the oil market's tightness should provide some support.     Dollar supported as 10-year Treasury hits 4.34%, highest levels since financial crisis Oil market to remain tight, but so far offers little help for the loonie Loonie was having biggest intra-day gain since end of July   The Canadian dollar has been steadily weakening against the greenback since the middle of July.  The USD/CAD bullish uptrend appears to be facing some resistance as FX traders anticipate both the Fed and BOC are possibly one more rate hike away from being done with tightening. It appears that major resistance from the 1.36 level might hold, so if a pullback emerges, downside could target the 1.3454 level, which is currently the 200-day SMA.  If markets get a very hawkish Fed Chair Powell this week could see the return of the king dollar trade.   Oil The morning oil price rally is fizzling as the strong dollar trade might be back given the surge in real yields.  Crude prices were much higher in early trade on expectations that the oil market would remain tight given the current backwardation. Risks to the crude demand outlook are growing, especially after China disappointed with last night’s easing, but for now a tight market should keep oil supported. The biggest risk for energy traders is if we see a massive wave of dollar strength after Jackson Hole. Right now there are so many oil drivers and most support higher prices. Heating oil prices are elevated and that might continue.  Iran nuclear talks won’t be having any breakthroughs anytime soon. Gulf of Mexico oil production could be at risk as a few formations build on the Atlantic.     Gold Gold’s worst enemy is surging real yields.  It was supposed to be a quiet start to the week for gold with China coming to the rescue and some calm before Friday’s Jackson Hole speech by Fed Chair Powell.  There is a little bit of nervousness from the long-term bulls as gold futures are getting dangerously close to the $1900 level, which could trigger a wave of technical selling.  It seems gold needs some disorderly stress in financial markets for it to rally and that doesn’t seem like it is happening anytime soon. The outlook for the next few quarters is cloudy at best, but it seems that there is still too much strength in the economy that is dampening safe-haven flows for gold.  It doesn’t help that hedge funds are throwing in the towel for gold, which now has net-long positions at a five month low.