COT Metals Speculators Boost Gold Bullish Bets To Highest Since Nov. 30
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 January 25th 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 gains in the Gold futures bets. Gold speculator bullish bets jumped by the most contracts in the past eleven weeks this week following three straight weeks of declines. The gain by +25,944 contracts have more than erased the previous three weeks of losses and has pushed the current net speculator standing to the highest level since November 30th at over +220,000 net contracts.
Joining Gold (25,944 contracts) in gaining this week were Silver (2,441 contracts), Copper (4,171 contracts), Platinum (6,563 contracts), Palladium (1,321 contracts).
Data Snapshot of Commodity Market Traders | Columns Legend
| WTI Crude | 2,095,994 | 35 | 373,415 | 28 | -420,646 | 61 | 47,231 | 82 |
| Corn | 1,539,124 | 28 | 439,098 | 86 | -389,471 | 16 | -49,627 | 14 |
| Natural Gas | 1,141,796 | 7 | -124,535 | 41 | 97,541 | 62 | 26,994 | 47 |
| Sugar | 875,995 | 12 | 121,283 | 62 | -142,972 | 41 | 21,689 | 35 |
| Soybeans | 735,966 | 30 | 148,872 | 67 | -112,799 | 39 | -36,073 | 12 |
| Gold | 572,078 | 39 | 220,151 | 58 | -249,746 | 41 | 29,595 | 48 |
| Wheat | 390,266 | 29 | 11,661 | 57 | -3,525 | 37 | -8,136 | 63 |
| Heating Oil | 360,969 | 38 | 18,000 | 69 | -40,959 | 28 | 22,959 | 78 |
| Coffee | 274,327 | 40 | 61,643 | 93 | -64,950 | 9 | 3,307 | 11 |
| Brent | 224,561 | 59 | -25,936 | 73 | 23,862 | 29 | 2,074 | 37 |
| Copper | 205,771 | 30 | 26,481 | 61 | -32,836 | 37 | 6,355 | 62 |
| Silver | 151,779 | 18 | 32,141 | 54 | -47,684 | 52 | 15,543 | 33 |
| Platinum | 53,390 | 10 | 13,792 | 22 | -19,227 | 82 | 5,435 | 38 |
| Palladium | 9,034 | 11 | -1,988 | 10 | 2,274 | 90 | -286 | 28 |
Gold Comex Futures:
The Gold Comex Futures large speculator standing this week totaled a net position of 220,151 contracts in the data reported through Tuesday. This was a weekly advance of 25,944 contracts from the previous week which had a total of 194,207 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 57.8 percent. The commercials are Bearish with a score of 41.4 percent and the small traders (not shown in chart) are Bearish with a score of 48.2 percent.
| Gold Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 54.8 | 22.8 | 8.9 |
| – Percent of Open Interest Shorts: | 16.3 | 66.4 | 3.7 |
| – Net Position: | 220,151 | -249,746 | 29,595 |
| – Gross Longs: | 313,415 | 130,208 | 50,669 |
| – Gross Shorts: | 93,264 | 379,954 | 21,074 |
| – Long to Short Ratio: | 3.4 to 1 | 0.3 to 1 | 2.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 57.8 | 41.4 | 48.2 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 5.6 | -5.6 | 1.7 |
Silver Comex Futures:
The Silver Comex Futures large speculator standing this week totaled a net position of 32,141 contracts in the data reported through Tuesday. This was a weekly rise of 2,441 contracts from the previous week which had a total of 29,700 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 54.4 percent. The commercials are Bullish with a score of 52.1 percent and the small traders (not shown in chart) are Bearish with a score of 33.4 percent.
| Silver Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 42.1 | 33.0 | 18.5 |
| – Percent of Open Interest Shorts: | 20.9 | 64.4 | 8.3 |
| – Net Position: | 32,141 | -47,684 | 15,543 |
| – Gross Longs: | 63,923 | 50,135 | 28,132 |
| – Gross Shorts: | 31,782 | 97,819 | 12,589 |
| – Long to Short Ratio: | 2.0 to 1 | 0.5 to 1 | 2.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 54.4 | 52.1 | 33.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 10.1 | -11.6 | 9.7 |
Copper Grade #1 Futures:
The Copper Grade #1 Futures large speculator standing this week totaled a net position of 26,481 contracts in the data reported through Tuesday. This was a weekly increase of 4,171 contracts from the previous week which had a total of 22,310 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 61.4 percent. The commercials are Bearish with a score of 36.9 percent and the small traders (not shown in chart) are Bullish with a score of 62.0 percent.
| Copper Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 38.2 | 39.3 | 9.0 |
| – Percent of Open Interest Shorts: | 25.3 | 55.3 | 5.9 |
| – Net Position: | 26,481 | -32,836 | 6,355 |
| – Gross Longs: | 78,616 | 80,969 | 18,431 |
| – Gross Shorts: | 52,135 | 113,805 | 12,076 |
| – Long to Short Ratio: | 1.5 to 1 | 0.7 to 1 | 1.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 61.4 | 36.9 | 62.0 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 14.2 | -13.6 | -0.3 |
Platinum Futures:
The Platinum Futures large speculator standing this week totaled a net position of 13,792 contracts in the data reported through Tuesday. This was a weekly boost of 6,563 contracts from the previous week which had a total of 7,229 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 22.3 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 37.8 percent.
| Platinum Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 51.4 | 31.1 | 14.9 |
| – Percent of Open Interest Shorts: | 25.5 | 67.1 | 4.8 |
| – Net Position: | 13,792 | -19,227 | 5,435 |
| – Gross Longs: | 27,429 | 16,618 | 7,973 |
| – Gross Shorts: | 13,637 | 35,845 | 2,538 |
| – Long to Short Ratio: | 2.0 to 1 | 0.5 to 1 | 3.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 22.3 | 81.5 | 37.8 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 14.5 | -13.7 | -6.9 |
Palladium Futures:
The Palladium Futures large speculator standing this week totaled a net position of -1,988 contracts in the data reported through Tuesday. This was a weekly rise of 1,321 contracts from the previous week which had a total of -3,309 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 9.7 percent. The commercials are Bullish-Extreme with a score of 90.1 percent and the small traders (not shown in chart) are Bearish with a score of 27.8 percent.
| Palladium Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 31.4 | 52.6 | 12.9 |
| – Percent of Open Interest Shorts: | 53.4 | 27.4 | 16.1 |
| – Net Position: | -1,988 | 2,274 | -286 |
| – Gross Longs: | 2,839 | 4,753 | 1,167 |
| – Gross Shorts: | 4,827 | 2,479 | 1,453 |
| – Long to Short Ratio: | 0.6 to 1 | 1.9 to 1 | 0.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 9.7 | 90.1 | 27.8 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 9.7 | -9.9 | 3.8 |
*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.
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