COT Metals Speculators have cooled off their Gold and Copper bets - 22.05.2022

Less Precipitation Make Aluminium Smelters In Yunnan (China) Change Its Operating Rate

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:

Gold Futures COT ChartThe 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:

Silver Futures COT ChartThe 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:

Copper Futures COT ChartThe 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:

Platinum Futures COT ChartThe 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:

Palladium Futures COT ChartThe 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 InvestMacroReceive 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.

Less Precipitation Make Aluminium Smelters In Yunnan (China) Change Its Operating Rate

Invest Macro

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