COT Metals Speculators Raise Copper Bullish Bets For 5th Time In 7 Weeks

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, February 8th, 2022 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 uptrend in the Copper futures bets. The speculative net position in the Copper futures has risen for three out of the past four weeks and in five out of the past seven weeks. Copper bets had been in a very strong and rising bullish position throughout the second half of 2020 and maintained their bullishness in 2021 but to a lesser degree. The bullish bets started to falter recently in December and dropped to an eighty-one week low on December 21st at a bullish position of just +4,437 contracts. Since then, speculator’s Copper bets have started to trend higher and this week hold a position of +18,855 net contracts.

The metals this week with higher speculator bets were Gold (14,564 contracts) and Copper (2,700 contracts) while the markets with lower speculator contracts were Silver (-2,819 contracts), Platinum (-2,822 contracts) and Palladium (-238 contracts).


Data Snapshot of Commodity Market Traders | Columns Legend

WTI Crude 2,170,681 46 363,383 18 -412,144 69 48,761 84
Corn 1,575,318 34 419,602 84 -382,874 17 -36,728 22
Natural Gas 1,133,934 6 -115,089 44 85,151 58 29,938 55
Sugar 931,602 25 79,090 53 -96,963 50 17,873 30
Soybeans 832,618 52 209,730 82 -176,080 24 -33,650 14
Gold 512,842 23 186,706 47 -211,434 53 24,728 34
Wheat 385,172 26 -3,578 44 7,972 49 -4,394 81
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Coffee 273,102 39 66,867 97 -72,255 3 5,388 26
Brent 208,578 46 -26,323 73 22,725 27 3,598 58
Copper 201,860 28 18,855 56 -25,523 42 6,668 64
Silver 147,379 14 19,299 42 -32,571 67 13,272 20
Platinum 58,766 20 11,759 19 -16,638 85 4,879 30
Palladium 7,497 5 -1,230 14 1,035 83 195 56

 


Gold Comex Futures:

Gold Futures COT Chart

The Gold Comex Futures large speculator standing this week was a net position of 186,706 contracts in the data reported through Tuesday. This was a weekly advance of 14,564 contracts from the previous week which had a total of 172,142 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 47.2 percent. The commercials are Bullish with a score of 53.1 percent and the small traders (not shown in chart) are Bearish with a score of 34.3 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 54.5 24.6 8.7
– Percent of Open Interest Shorts: 18.1 65.9 3.9
– Net Position: 186,706 -211,434 24,728
– Gross Longs: 279,559 126,328 44,869
– Gross Shorts: 92,853 337,762 20,141
– Long to Short Ratio: 3.0 to 1 0.4 to 1 2.2 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 47.2 53.1 34.3
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: -8.4 10.4 -22.1

 


Silver Comex Futures:

Silver Futures COT Chart

The Silver Comex Futures large speculator standing this week was a net position of 19,299 contracts in the data reported through Tuesday. This was a weekly decrease of -2,819 contracts from the previous week which had a total of 22,118 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 41.6 percent. The commercials are Bullish with a score of 66.9 percent and the small traders (not shown in chart) are Bearish with a score of 20.1 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 38.6 35.9 17.8
– Percent of Open Interest Shorts: 25.5 58.0 8.8
– Net Position: 19,299 -32,571 13,272
– Gross Longs: 56,905 52,943 26,231
– Gross Shorts: 37,606 85,514 12,959
– Long to Short Ratio: 1.5 to 1 0.6 to 1 2.0 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 41.6 66.9 20.1
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: -7.1 9.2 -12.8

 


Copper Grade #1 Futures:

Copper Futures COT Chart

The Copper Grade #1 Futures large speculator standing this week was a net position of 18,855 contracts in the data reported through Tuesday. This was a weekly gain of 2,700 contracts from the previous week which had a total of 16,155 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 55.9 percent. The commercials are Bearish with a score of 41.9 percent and the small traders (not shown in chart) are Bullish with a score of 63.8 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 36.8 41.2 9.0
– Percent of Open Interest Shorts: 27.5 53.9 5.7
– Net Position: 18,855 -25,523 6,668
– Gross Longs: 74,302 83,203 18,191
– Gross Shorts: 55,447 108,726 11,523
– Long to Short Ratio: 1.3 to 1 0.8 to 1 1.6 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 55.9 41.9 63.8
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 3.2 -4.0 7.9

 


Platinum Futures:

Platinum Futures COT Chart

The Platinum Futures large speculator standing this week was a net position of 11,759 contracts in the data reported through Tuesday. This was a weekly lowering of -2,822 contracts from the previous week which had a total of 14,581 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 18.7 percent. The commercials are Bullish-Extreme with a score of 85.3 percent and the small traders (not shown in chart) are Bearish with a score of 30.0 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 47.9 35.4 13.7
– Percent of Open Interest Shorts: 27.9 63.7 5.4
– Net Position: 11,759 -16,638 4,879
– Gross Longs: 28,134 20,817 8,032
– Gross Shorts: 16,375 37,455 3,153
– Long to Short Ratio: 1.7 to 1 0.6 to 1 2.5 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 18.7 85.3 30.0
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 10.6 -8.6 -18.3

 


Palladium Futures:

Palladium Futures COT Chart

The Palladium Futures large speculator standing this week was a net position of -1,230 contracts in the data reported through Tuesday. This was a weekly decrease of -238 contracts from the previous week which had a total of -992 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 13.9 percent. The commercials are Bullish-Extreme with a score of 83.5 percent and the small traders (not shown in chart) are Bullish with a score of 56.1 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.5 51.0 18.4
– Percent of Open Interest Shorts: 41.9 37.2 15.8
– Net Position: -1,230 1,035 195
– Gross Longs: 1,911 3,824 1,377
– Gross Shorts: 3,141 2,789 1,182
– Long to Short Ratio: 0.6 to 1 1.4 to 1 1.2 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 13.9 83.5 56.1
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 10.3 -11.7 18.6

 


*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.

Disclosure: Foreign Currency trading and trading on margin carries a high level of risk and can result in loss of part or all of your investment.Due to the level of risk and market volatility, ...

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