Precious metals speculators bet their heads lower, led by copper and silver :: InvestMacro


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

The latest COT data is updated by Tuesday 28th June It presents a quick look at how the major traders (speculators for profit and business entities) are positioned in the futures markets.

Speculators’ bets in the COT metals market have been generally lower this week, with only one of the six metals markets we cover ranking higher this week while five markets have lower contracts.

The only precious metals market with higher bets was palladium with a net gain of just 221 contracts for the week.

Led by the declines in speculators’ bets this week, copper (-9.758 contracts) and silver (-7.528 contracts) with gold (-5.594 contracts) and platinum (-2.797 contracts) also posted lower bets during the week.


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Strengths (which measures the 3-year range of speculator positions, 0 to 100 where above 80 is very bullish and below 20 is very low) shows that all metals are at extreme bearish levels at the moment. Copper (20 per cent) is at the highest level of all but still on the cusp of the maximum bearish level while all other metals are at only 2 per cent or less, indicating that it is at the bottom of the speculator for 3 years. range of feelings.

Strengths trends (or movement index, which calculates 6-week changes in strengths) also shows a similar picture with all metals seeing downtrends over the past 6 weeks. Gold at -9% leads the downtrends followed by silver at -8% with the other metals all at -5% or lower.


June 28 – 2022 OI OI Index net specification Specification Index Comment COM . indicator Smalls Net Smalls Index
West Texas Intermediate Crude 1,651,566 0 299,692 3 -327,938 99 28,246 55
He went 497.005 13 157,693 2 -182.007 98 24314 16
silver 135,775 3 10891 0 -18485 100 7594 0
copper 182352 14 -30696 20 31197 81 -501 22
Palladium 7765 6 -3,825 1 4441 100 -616 8
platinum 68232 36 -1306 2 -3381 100 4,687 27
natural gas 987740 0 -129,419 40 90840 60 38579 71
Brent 173920 19 -42677 40 41434 62 1,243 26
heating oil 269168 23 7,508 53 -25743 44 18,235 62
soybean 653337 11 137193 56 -106705 52 -30488 20
corn 1,338,054 0 328102 72 -274,110 33 -53992 12
coffee 194896 2 45200 78 -47147 26 1,947 9
sugar 734324 0 122709 62 -132877 43 10168 20
wheat 291,041 0 7,679 29 -1,871 57 -5808 80

Comex Gold Futures:

COT chart for gold futuresThe big stand-up Comex gold futures speculator this week posted a net position of 157,693 contracts in the data released through Tuesday. This was a weekly decrease of -5,594 contracts from the previous week which totaled 163,287 contracts net.

This week’s current strength score (trader’s position range over the past 3 years, scaled from 0 to 100) shows that the speculators are currently Bearish-Extreme with a score of 1.6%. The commercials are Bullish-Extreme with a score of 98.3% and Small Traders (not shown in the chart) Bearish-Extreme with a score of 16.1%.

Gold futures stats blowers Commercials small traders
The percentage of open interest purchases: 54.1 23.5 9.0
The percentage of shorts with open interest: 22.3 60.2 4.1
net position: 157,693 -182.007 24314
Total purchases: 268712 117.038 44823
– Total pants: 111,019 299,045 20509
Long to short ratio: 2.4 to 1 0.4 to 1 2.2 to 1
net position direction:
Strength Index Score (over 3-year PCt): 1.6 98.3 16.1
Strength Index reading (over 3 years): bearish extreme extreme rookie bearish extreme
Net position movement index:
– 6 weeks change in strength index: -8.9 12.0 -25.7

Comex Silver Futures:

COT chart for silver futuresThe big speculators in Comex silver futures this week recorded a net position of 10,891 contracts in the data reported through Tuesday. This is a weekly decrease of -7,528 contracts from the previous week which totaled 18,419 net contracts.

This week’s current strength score (trader’s position range over the past 3 years, scaled from 0 to 100) shows that the speculators are currently Bearish-Extreme with a score of 0.0%. The commercials are Bullish-Extreme with a score of 100.0% and the small traders (not shown in the chart) are Bearish-Extreme with a score of 0.0%.

Silver Futures Statistics blowers Commercials small traders
The percentage of open interest purchases: 39.0 40.8 16.7
The percentage of shorts with open interest: 31.0 54.4 11.1
net position: 10891 -18485 7594
Total purchases: 52932 55406 22,724
– Total pants: 42,041 73891 15,130
Long to short ratio: 1.3 to 1 0.7 to 1 1.5 to 1
net position direction:
Strength Index Score (over 3-year PCt): 0.0 100.0 0.0
Strength Index reading (over 3 years): bearish extreme extreme rookie bearish extreme
Net position movement index:
– 6 weeks change in strength index: -7.8 7.7 -5.8

First class copper futures contracts:

COT chart for copper futuresThe major speculator of tier 1 copper futures this week posted a net position at -30,696 contracts in data reported through Tuesday. This is a weekly decrease of -9,758 contracts from the previous week net of -20,938 contracts.

This week’s current strength score (range of the trader’s position over the past 3 years, measured from 0 to 100) shows that the speculators are currently down 20.3%. Commercials are bullish-extreme at 80.9 percent and small traders (not shown in the chart) are bearish at 22.4 percent.

Copper futures statistics blowers Commercials small traders
The percentage of open interest purchases: 26.2 56.8 8.0
The percentage of shorts with open interest: 43.0 39.7 8.2
net position: -30696 31197 -501
Total purchases: 47782 103,666 14.516
– Total pants: 78478 72469 15,017
Long to short ratio: 0.6 to 1 1.4 to 1 1.0 to 1
net position direction:
Strength Index Score (over 3-year PCt): 20.3 80.9 22.4
Strength Index reading (over 3 years): bearish extreme rookie bearish
Net position movement index:
– 6 weeks change in strength index: -4.5 5.6 -10.7

Platinum futures contracts:

COT chart for platinum futuresThe big platinum futures speculator standing this week posted a net position at -1,306 contracts in the data reported through Tuesday. This was a weekly decrease of -2,797 contracts from the previous week which totaled 1,491 contracts net.

This week’s current strength score (trader’s position range over the past 3 years, scaled from 0 to 100) shows that speculators are currently in a Bearish-Extreme position with a score of 1.5%. Commercials are bullish-extreme at 100.0% and small traders (not shown in chart) are bearish at 27.4%.

Platinum futures statistics blowers Commercials small traders
The percentage of open interest purchases: 41.7 41.6 12.5
The percentage of shorts with open interest: 43.6 46.6 5.6
net position: -1306 -3381 4,687
Total purchases: 28451 28413 8503
– Total pants: 29,757 31794 3816
Long to short ratio: 1.0 to 1 0.9 to 1 2.2 to 1
net position direction:
Strength Index Score (over 3-year PCt): 1.5 100.0 27.4
Strength Index reading (over 3 years): bearish extreme extreme rookie bearish
Net position movement index:
– 6 weeks change in strength index: -5.0 4.6 2.7

Palladium futures contracts:

COT chart for palladium futuresThe big speculator on palladium futures this week recorded a net position of 3,825 contracts in the data reported through Tuesday. This was a weekly increase of 221 contracts from the previous week which totaled -4,046 contracts net.

This week’s current strength score (trader’s position range over the past 3 years, scaled from 0 to 100) shows that the speculators are currently Bearish-Extreme with a score of 1.3%. The commercials are Bullish-Extreme with a score of 99.6% and the small traders (not shown in the chart) are Bearish-Extreme with a score of 8.2%.

Palladium futures statistics blowers Commercials small traders
The percentage of open interest purchases: 14.8 73.1 11.5
The percentage of shorts with open interest: 64.0 15.9 19.4
net position: -3,825 4441 -616
Total purchases: 1146 5674 893
– Total pants: 4,971 1,233 1,509
Long to short ratio: 0.2 to 1 4.6 to 1 0.6 to 1
net position direction:
Strength Index Score (over 3-year PCt): 1.3 99.6 8.2
Strength Index reading (over 3 years): bearish extreme extreme rookie bearish extreme
Net position movement index:
– 6 weeks change in strength index: -3.4 4.6 -12.2

Article – Commodity by InvestMacroReceive our weekly COT reports via email

*COT Report: COT data, released weekly to the public every Friday, is updated by the latest Tuesday (data 3 days old) and shows a quick look at how large speculators or non-commercials (profitable traders) are positioning in the futures markets.

The Commodity Futures Trading Commission (CFTC) classifies the positions of traders according to commercial hedgers (traders who use futures contracts to hedge as part of a business), non-commercial (large traders who speculate on trading profits) and unreportable traders (usually small traders/speculators) as well as their interest Open (the contracts are open in the market at the time of reporting). See CFTC Standards over here.



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