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

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

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

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday February 1st and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

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

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


Data Snapshot of Commodity Market Traders | Columns Legend
Feb-01-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 2,093,735 35 368,904 27 -414,658 63 45,754 79
Gold 515,331 23 172,142 43 -201,342 56 29,200 47
Silver 149,136 15 22,118 44 -35,263 64 13,145 19
Copper 198,437 25 16,155 54 -21,053 45 4,898 54
Palladium 7,853 6 -992 15 965 83 27 46
Platinum 53,898 11 14,581 23 -19,786 81 5,205 35
Natural Gas 1,162,813 12 -120,010 43 90,241 59 29,769 54
Brent 203,928 42 -18,920 86 15,734 15 3,186 52
Heating Oil 347,383 30 15,683 65 -43,137 25 27,454 93
Soybeans 796,285 44 193,373 78 -155,577 29 -37,796 9
Corn 1,568,959 33 455,220 88 -407,663 14 -47,557 16
Coffee 274,865 40 61,378 93 -65,365 9 3,987 16
Sugar 897,035 17 93,593 56 -117,500 46 23,907 37
Wheat 391,162 29 350 47 5,100 46 -5,450 76

 


Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week equaled a net position of 172,142 contracts in the data reported through Tuesday. This was a weekly decrease of -48,009 contracts from the previous week which had a total of 220,151 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 42.6 percent. The commercials are Bullish with a score of 56.1 percent and the small traders (not shown in chart) are Bearish with a score of 47.1 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 53.6 24.8 9.1
– Percent of Open Interest Shorts: 20.2 63.8 3.4
– Net Position: 172,142 -201,342 29,200
– Gross Longs: 275,994 127,633 46,819
– Gross Shorts: 103,852 328,975 17,619
– Long to Short Ratio: 2.7 to 1 0.4 to 1 2.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 42.6 56.1 47.1
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -10.6 10.6 -2.9

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week equaled a net position of 22,118 contracts in the data reported through Tuesday. This was a weekly decrease of -10,023 contracts from the previous week which had a total of 32,141 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 44.4 percent. The commercials are Bullish with a score of 64.3 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 19.4 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 40.7 35.5 16.5
– Percent of Open Interest Shorts: 25.9 59.2 7.7
– Net Position: 22,118 -35,263 13,145
– Gross Longs: 60,723 52,970 24,681
– Gross Shorts: 38,605 88,233 11,536
– Long to Short Ratio: 1.6 to 1 0.6 to 1 2.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 44.4 64.3 19.4
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 1.2 1.1 -13.6

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week equaled a net position of 16,155 contracts in the data reported through Tuesday. This was a weekly decrease of -10,326 contracts from the previous week which had a total of 26,481 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 54.0 percent. The commercials are Bearish with a score of 45.0 percent and the small traders (not shown in chart) are Bullish with a score of 53.6 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 34.8 42.6 8.3
– Percent of Open Interest Shorts: 26.6 53.2 5.9
– Net Position: 16,155 -21,053 4,898
– Gross Longs: 68,984 84,446 16,522
– Gross Shorts: 52,829 105,499 11,624
– Long to Short Ratio: 1.3 to 1 0.8 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 54.0 45.0 53.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 8.4 -7.7 -2.6

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week equaled a net position of 14,581 contracts in the data reported through Tuesday. This was a weekly increase of 789 contracts from the previous week which had a total of 13,792 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 23.4 percent. The commercials are Bullish-Extreme with a score of 80.7 percent and the small traders (not shown in chart) are Bearish with a score of 34.6 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 52.3 30.2 14.9
– Percent of Open Interest Shorts: 25.2 66.9 5.2
– Net Position: 14,581 -19,786 5,205
– Gross Longs: 28,171 16,293 8,031
– Gross Shorts: 13,590 36,079 2,826
– Long to Short Ratio: 2.1 to 1 0.5 to 1 2.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 23.4 80.7 34.6
– Strength Index Reading (3 Year Range): Bearish Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 19.2 -17.3 -17.4

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week equaled a net position of -992 contracts in the data reported through Tuesday. This was a weekly gain of 996 contracts from the previous week which had a total of -1,988 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 15.2 percent. The commercials are Bullish-Extreme with a score of 83.1 percent and the small traders (not shown in chart) are Bearish with a score of 46.2 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 27.7 50.2 16.4
– Percent of Open Interest Shorts: 40.3 37.9 16.1
– Net Position: -992 965 27
– Gross Longs: 2,172 3,943 1,291
– Gross Shorts: 3,164 2,978 1,264
– Long to Short Ratio: 0.7 to 1 1.3 to 1 1.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 15.2 83.1 46.2
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 14.5 -16.2 22.0

 


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*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.

Invest Macro

Invest Macro

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