COT Metals Speculators pushing their Copper bullish bets higher in start of 2022

COT Metals Speculators pushing their Copper bullish bets higher in start of 2022

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

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

The latest COT data is updated through Tuesday March 29th 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 gains in the Copper futures bets. The speculative net position in the Copper futures has risen for two consecutive weeks and three times in the past four weeks with a total increase by +8,488 contracts over the past four weeks. The recent strength in speculator bets has pushed the current speculator standing back over the +30,000 net contract level for the third time in the past seven weeks following fourteen weeks where spec bets remained below that threshold. Copper bets had hit an 81-week low in late December and had four weeks with speculator bets below the +10,000 contract level at that time. The new year has seen speculators start to increase their sentiment in favor of the red metal and Copper speculator position has now averaged over +23,500 net contracts each week since January 1st. This is down from the 2021 average of 33,688 weekly contracts but above the 2020 average of 20,214 weekly contracts. The Copper price has also had a bullish start to the year with Copper futures currently trading at 4.68 compared to the 4.46 price to start the year.

The metals markets that saw higher speculator bets this week were Silver (293 contracts), Gold (9,564 contracts) and Copper (3,769 contracts).

The metals markets that saw lower speculator bets this week were Platinum (-5,814 contracts) and Palladium (-803 contracts).


Data Snapshot of Commodity Market Traders | Columns Legend
Mar-29-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,795,929 1 318,731 0 -360,162 99 41,431 73
Gold 574,521 39 257,596 70 -285,937 30 28,341 45
Silver 147,370 14 48,240 70 -61,372 39 13,132 19
Copper 203,692 29 30,581 64 -37,333 34 6,752 64
Palladium 6,720 1 -2,011 10 1,364 84 647 81
Platinum 61,807 25 14,001 22 -20,754 79 6,753 56
Natural Gas 1,100,690 4 -137,411 37 92,762 60 44,649 92
Brent 188,542 30 -25,220 69 21,609 29 3,611 58
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 755,139 34 206,469 81 -178,764 24 -27,705 24
Corn 1,515,106 24 482,092 92 -424,699 11 -57,393 10
Coffee 227,547 6 38,689 77 -42,092 27 3,403 12
Sugar 819,459 1 161,581 70 -202,758 30 41,177 59
Wheat 341,224 3 13,559 59 -9,435 32 -4,124 91

 


Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week resulted in a net position of 257,596 contracts in the data reported through Tuesday. This was a weekly rise of 9,564 contracts from the previous week which had a total of 248,032 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 69.6 percent. The commercials are Bearish with a score of 30.4 percent and the small traders (not shown in chart) are Bearish with a score of 44.6 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 57.0 23.2 8.5
– Percent of Open Interest Shorts: 12.2 72.9 3.6
– Net Position: 257,596 -285,937 28,341
– Gross Longs: 327,632 133,050 49,022
– Gross Shorts: 70,036 418,987 20,681
– Long to Short Ratio: 4.7 to 1 0.3 to 1 2.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 69.6 30.4 44.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 13.9 -14.3 8.8

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week resulted in a net position of 48,240 contracts in the data reported through Tuesday. This was a weekly gain of 293 contracts from the previous week which had a total of 47,947 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 70.4 percent. The commercials are Bearish with a score of 38.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 19.3 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 44.7 30.3 17.1
– Percent of Open Interest Shorts: 12.0 71.9 8.2
– Net Position: 48,240 -61,372 13,132
– Gross Longs: 65,917 44,589 25,145
– Gross Shorts: 17,677 105,961 12,013
– Long to Short Ratio: 3.7 to 1 0.4 to 1 2.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 70.4 38.7 19.3
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 24.6 -24.6 2.0

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week resulted in a net position of 30,581 contracts in the data reported through Tuesday. This was a weekly gain of 3,769 contracts from the previous week which had a total of 26,812 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 64.4 percent. The commercials are Bearish with a score of 33.8 percent and the small traders (not shown in chart) are Bullish with a score of 64.3 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 42.5 40.8 8.8
– Percent of Open Interest Shorts: 27.5 59.1 5.5
– Net Position: 30,581 -37,333 6,752
– Gross Longs: 86,553 83,024 17,961
– Gross Shorts: 55,972 120,357 11,209
– Long to Short Ratio: 1.5 to 1 0.7 to 1 1.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 64.4 33.8 64.3
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -0.1 1.4 -11.4

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week resulted in a net position of 14,001 contracts in the data reported through Tuesday. This was a weekly lowering of -5,814 contracts from the previous week which had a total of 19,815 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 21.9 percent. The commercials are Bullish with a score of 79.4 percent and the small traders (not shown in chart) are Bullish with a score of 56.2 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 47.9 32.0 15.9
– Percent of Open Interest Shorts: 25.2 65.6 4.9
– Net Position: 14,001 -20,754 6,753
– Gross Longs: 29,585 19,797 9,798
– Gross Shorts: 15,584 40,551 3,045
– Long to Short Ratio: 1.9 to 1 0.5 to 1 3.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 21.9 79.4 56.2
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 5.6 -6.8 12.1

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week resulted in a net position of -2,011 contracts in the data reported through Tuesday. This was a weekly fall of -803 contracts from the previous week which had a total of -1,208 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 10.1 percent. The commercials are Bullish-Extreme with a score of 84.2 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 81.3 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 23.3 53.3 21.8
– Percent of Open Interest Shorts: 53.2 33.0 12.2
– Net Position: -2,011 1,364 647
– Gross Longs: 1,564 3,581 1,468
– Gross Shorts: 3,575 2,217 821
– Long to Short Ratio: 0.4 to 1 1.6 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 10.1 84.2 81.3
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -5.8 2.6 31.8

 


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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

InvestMacro is an independent investing media website. Started in 2007 as a simple trading blog (as CountingPips.com) focused on global major currencies, InvestMacro has since steadily expanded and evolved. Our mission is to provide independent coverage of the relevant financial markets for global macro investors. All information and opinions are for general informational purposes only and do not constitute investment advice.