COT Metals Speculators Sharply Boosted Gold Bets For 3rd Week To 14-Week High

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 22nd 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 sharp jump in the Gold futures bets. The speculative net position in the Gold futures has gained strongly for three consecutive weeks and by a total of +71,006 contracts over that time-frame. This week’s rise by +29,535 contracts marked the largest one-week gain of the past fifteen weeks and has brought the overall Gold speculator standing to the highest standing of the past fourteen weeks, dating back to November 16th. The Gold spot price rose sharply as well this week with a spike on Thursday (on the Russian invasion of Ukraine) that brought the spot price to the $1,976 price level before settling lower back below $1,900 as the week ended.

Joining Gold (29,535 contracts) with rising speculator positions this week were Silver (6,746 contracts) and Platinum (7,408 contracts) while Copper (-5,117 contracts) and Palladium (-429 contracts) saw lower speculator bets on the week.


Data Snapshot of Commodity Market Traders | Columns Legend

WTI Crude 2,058,132 29 339,041 2 -382,891 90 43,850 77
Corn 1,563,758 32 451,742 88 -410,962 13 -40,780 20
Natural Gas 1,107,113 2 -130,629 39 95,974 61 34,655 67
Sugar 857,376 8 75,246 52 -95,306 50 20,060 33
Soybeans 826,824 51 226,464 86 -196,755 20 -29,709 21
Gold 611,488 49 243,148 65 -269,722 35 26,574 40
Wheat 379,308 23 -3,902 44 10,629 51 -6,727 69
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Coffee 252,688 24 67,791 98 -72,509 3 4,718 21
Brent 215,908 52 -26,355 73 24,478 31 1,877 35
Copper 204,123 29 25,575 61 -34,754 36 9,179 78
Silver 163,745 29 30,302 53 -43,720 56 13,418 21
Platinum 62,274 26 17,540 27 -22,887 76 5,347 37
Palladium 7,903 7 -1,429 13 1,118 83 311 63

 


Gold Comex Futures:

Gold Futures COT Chart

The Gold Comex Futures large speculator standing this week came in at a net position of 243,148 contracts in the data reported through Tuesday. This was a weekly boost of 29,535 contracts from the previous week which had a total of 213,613 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 65.1 percent. The commercials are Bearish with a score of 35.3 percent and the small traders (not shown in chart) are Bearish with a score of 39.6 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 57.3 21.2 8.0
– Percent of Open Interest Shorts: 17.5 65.3 3.7
– Net Position: 243,148 -269,722 26,574
– Gross Longs: 350,096 129,682 49,090
– Gross Shorts: 106,948 399,404 22,516
– Long to Short Ratio: 3.3 to 1 0.3 to 1 2.2 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 65.1 35.3 39.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 13.7 -13.6 3.5

 


Silver Comex Futures:

Silver Futures COT Chart

The Silver Comex Futures large speculator standing this week came in at a net position of 30,302 contracts in the data reported through Tuesday. This was a weekly boost of 6,746 contracts from the previous week which had a total of 23,556 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 52.6 percent. The commercials are Bullish with a score of 56.0 percent and the small traders (not shown in chart) are Bearish with a score of 21.0 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 35.9 34.0 16.2
– Percent of Open Interest Shorts: 17.4 60.7 8.0
– Net Position: 30,302 -43,720 13,418
– Gross Longs: 58,830 55,747 26,556
– Gross Shorts: 28,528 99,467 13,138
– Long to Short Ratio: 2.1 to 1 0.6 to 1 2.0 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 52.6 56.0 21.0
– Strength Index Reading (3 Year Range): Bullish Bullish Bearish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 2.7 -6.2 21.0

 


Copper Grade #1 Futures:

Copper Futures COT Chart

The Copper Grade #1 Futures large speculator standing this week came in at a net position of 25,575 contracts in the data reported through Tuesday. This was a weekly decrease of -5,117 contracts from the previous week which had a total of 30,692 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 60.8 percent. The commercials are Bearish with a score of 35.6 percent and the small traders (not shown in chart) are Bullish with a score of 78.4 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 39.7 37.9 10.1
– Percent of Open Interest Shorts: 27.1 54.9 5.6
– Net Position: 25,575 -34,754 9,179
– Gross Longs: 80,940 77,398 20,535
– Gross Shorts: 55,365 112,152 11,356
– Long to Short Ratio: 1.5 to 1 0.7 to 1 1.8 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 60.8 35.6 78.4
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 6.4 -8.4 19.3

 


Platinum Futures:

Platinum Futures COT Chart

The Platinum Futures large speculator standing this week came in at a net position of 17,540 contracts in the data reported through Tuesday. This was a weekly gain of 7,408 contracts from the previous week which had a total of 10,132 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 27.1 percent. The commercials are Bullish with a score of 76.3 percent and the small traders (not shown in chart) are Bearish with a score of 36.6 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 52.1 30.6 13.6
– Percent of Open Interest Shorts: 24.0 67.4 5.1
– Net Position: 17,540 -22,887 5,347
– Gross Longs: 32,462 19,079 8,495
– Gross Shorts: 14,922 41,966 3,148
– Long to Short Ratio: 2.2 to 1 0.5 to 1 2.7 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 27.1 76.3 36.6
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 17.8 -17.1 -4.4

 


Palladium Futures:

Palladium Futures COT Chart

The Palladium Futures large speculator standing this week came in at a net position of -1,429 contracts in the data reported through Tuesday. This was a weekly decrease of -429 contracts from the previous week which had a total of -1,000 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 13.4 percent. The commercials are Bullish-Extreme with a score of 83.0 percent and the small traders (not shown in chart) are Bullish with a score of 63.0 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.7 50.0 18.3
– Percent of Open Interest Shorts: 43.8 35.9 14.3
– Net Position: -1,429 1,118 311
– Gross Longs: 2,030 3,953 1,444
– Gross Shorts: 3,459 2,835 1,133
– Long to Short Ratio: 0.6 to 1 1.4 to 1 1.3 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 13.4 83.0 63.0
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 8.9 -12.3 36.8

*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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