COT Metals Speculators raise bets for Copper and Gold after multi-week slides

COT Metals Speculators raise bets for Copper and Gold after multi-week slides

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:

Gold Futures COT ChartThe 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:

Silver Futures COT ChartThe 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:

Copper Futures COT ChartThe 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:

Platinum Futures COT ChartThe 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:

Palladium Futures COT ChartThe 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

 


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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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