Select Page

By InvestMacro

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 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 led by Silver & Platinum

Metals Futures Large Speculator Net Position Changes 1

The COT metals markets speculator bets were higher this week as five out of the six metals markets we cover had higher positioning while the other one markets had lower speculator contracts.

Leading the gains for the metals was Silver (12,663 contracts) with Platinum (11,783 contracts), Copper (10,754 contracts), Gold (10,309 contracts) and Palladium (2,016 contracts) also showing positive weeks.

The only metals market with declines in speculator bets was Steel with a reduction by -560 contracts on the week.


Metals Net Speculators Leaderboard

metals leaders 1

Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)


Strength Scores led by Steel & Silver

Metals Speculator Strength Score 3 YR Range 1

COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Steel (88 percent) and Silver (82 percent) lead the metals markets this week. Gold (67 percent) comes in as the next highest in the weekly strength scores.

On the downside, Palladium (18 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent).

Strength Statistics:
Gold (67.3 percent) vs Gold previous week (62.6 percent)
Silver (81.9 percent) vs Silver previous week (62.6 percent)
Copper (46.0 percent) vs Copper previous week (33.9 percent)
Platinum (35.9 percent) vs Platinum previous week (6.0 percent)
Palladium (17.7 percent) vs Palladium previous week (5.5 percent)
Steel (87.8 percent) vs Palladium previous week (89.9 percent)


Silver & Gold top the 6-Week Strength Trends

Metals Speculator Strength Trend 6 Weeks 1

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Silver (30 percent), Gold (24 percent) and Copper (16 percent) lead the past six weeks trends for metals.

Platinum (-10 percent) leads the downside trend scores currently with Steel (-0.2 percent) as the next market with lower trend scores.

Move Statistics:
Gold (24.2 percent) vs Gold previous week (9.8 percent)
Silver (29.8 percent) vs Silver previous week (16.1 percent)
Copper (15.7 percent) vs Copper previous week (27.5 percent)
Platinum (-10.5 percent) vs Platinum previous week (-32.2 percent)
Palladium (0.7 percent) vs Palladium previous week (-5.9 percent)
Steel (-0.2 percent) vs Steel previous week (1.0 percent)


Individual Markets:

Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week equaled a net position of 201,602 contracts in the data reported through Tuesday. This was a weekly lift of 10,309 contracts from the previous week which had a total of 191,293 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 67.3 percent. The commercials are Bearish with a score of 36.2 percent and the small traders (not shown in chart) are Bearish with a score of 27.7 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 54.9 25.1 9.3
– Percent of Open Interest Shorts: 15.8 67.4 6.1
– Net Position: 201,602 -218,273 16,671
– Gross Longs: 283,062 129,432 47,992
– Gross Shorts: 81,460 347,705 31,321
– Long to Short Ratio: 3.5 to 1 0.4 to 1 1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 67.3 36.2 27.7
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 24.2 -19.5 -19.4

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week equaled a net position of 40,978 contracts in the data reported through Tuesday. This was a weekly gain of 12,663 contracts from the previous week which had a total of 28,315 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 Bullish-Extreme with a score of 81.9 percent. The commercials are Bearish with a score of 24.2 percent and the small traders (not shown in chart) are Bearish with a score of 45.1 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: New Buy – Long Position.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 46.4 28.4 19.3
– Percent of Open Interest Shorts: 18.1 66.5 9.5
– Net Position: 40,978 -55,130 14,152
– Gross Longs: 67,094 40,997 27,826
– Gross Shorts: 26,116 96,127 13,674
– Long to Short Ratio: 2.6 to 1 0.4 to 1 2.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 81.9 24.2 45.1
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 29.8 -21.8 -12.3

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week equaled a net position of 5,427 contracts in the data reported through Tuesday. This was a weekly increase of 10,754 contracts from the previous week which had a total of -5,327 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 46.0 percent. The commercials are Bullish with a score of 57.4 percent and the small traders (not shown in chart) are Bearish with a score of 31.2 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 39.8 31.6 7.8
– Percent of Open Interest Shorts: 37.4 35.0 6.8
– Net Position: 5,427 -7,445 2,018
– Gross Longs: 87,439 69,378 17,050
– Gross Shorts: 82,012 76,823 15,032
– Long to Short Ratio: 1.1 to 1 0.9 to 1 1.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 46.0 57.4 31.2
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 15.7 -15.0 4.4

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week equaled a net position of 7,419 contracts in the data reported through Tuesday. This was a weekly increase of 11,783 contracts from the previous week which had a total of -4,364 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 35.9 percent. The commercials are Bullish with a score of 63.3 percent and the small traders (not shown in chart) are Bearish with a score of 43.3 percent.

Price Trend-Following Model: Weak Downtrend

Our weekly trend-following model classifies the current market price position as: Weak Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 51.9 23.6 10.8
– Percent of Open Interest Shorts: 43.3 38.7 4.2
– Net Position: 7,419 -13,041 5,622
– Gross Longs: 44,716 20,286 9,273
– Gross Shorts: 37,297 33,327 3,651
– Long to Short Ratio: 1.2 to 1 0.6 to 1 2.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 35.9 63.3 43.3
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -10.5 9.1 1.3

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week equaled a net position of -10,581 contracts in the data reported through Tuesday. This was a weekly rise of 2,016 contracts from the previous week which had a total of -12,597 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 17.7 percent. The commercials are Bullish-Extreme with a score of 86.4 percent and the small traders (not shown in chart) are Bearish with a score of 32.0 percent.

Price Trend-Following Model: Weak Downtrend

Our weekly trend-following model classifies the current market price position as: Weak Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 23.3 62.7 7.1
– Percent of Open Interest Shorts: 76.2 8.9 8.0
– Net Position: -10,581 10,743 -162
– Gross Longs: 4,645 12,517 1,427
– Gross Shorts: 15,226 1,774 1,589
– Long to Short Ratio: 0.3 to 1 7.1 to 1 0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 17.7 86.4 32.0
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 0.7 2.6 -33.7

 


Steel Futures Futures:

Steel Futures COT ChartThe Steel Futures large speculator standing this week equaled a net position of -2,237 contracts in the data reported through Tuesday. This was a weekly decrease of -560 contracts from the previous week which had a total of -1,677 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-Extreme with a score of 87.8 percent. The commercials are Bearish-Extreme with a score of 12.9 percent and the small traders (not shown in chart) are Bearish with a score of 40.3 percent.

Price Trend-Following Model: Strong Downtrend

Our weekly trend-following model classifies the current market price position as: Strong Downtrend. The current action for the model is considered to be: New Sell – Short Position.

Steel Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 9.2 84.7 1.2
– Percent of Open Interest Shorts: 18.8 75.4 0.9
– Net Position: -2,237 2,165 72
– Gross Longs: 2,153 19,748 290
– Gross Shorts: 4,390 17,583 218
– Long to Short Ratio: 0.5 to 1 1.1 to 1 1.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 87.8 12.9 40.3
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -0.2 0.7 -14.6

 


Article By InvestMacroReceive our weekly COT Newsletter

*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.


investmacro stock market newsletter

  • COT Metals Charts: Speculator Bets led by Silver & Platinum Mar 16, 2024
  • COT Bonds Charts: Speculator Bets led by SOFR 3-Months & 10-Year Bonds Mar 16, 2024
  • COT Soft Commodities Charts: Cotton, Corn, Coffee, Soybeans, Wheat, Live Cattle, Lean Hogs & Sugar Mar 16, 2024
  • COT Stock Market Charts: Speculator Bets led by Russell & Nikkei 225 Mar 16, 2024
  • This Copper Co. May Be a Perfect Proxy for 2024 Metals Advances, Expert Says Mar 15, 2024
  • Rising US producer inflation may reduce the number of scheduled Fed rate cuts Mar 15, 2024
  • Yen Weakens Despite Japan’s Deflation Exit Mar 15, 2024
  • Silver prices have reached a one-year high. Oil is growing amid a decline in inventories Mar 14, 2024
  • Target Thursdays: USDJPY, Silver & Crude reach targets! Mar 14, 2024
  • Canadian Dollar Seeks Opportunities for Growth Mar 14, 2024
Share it on social networks