Platinum Speculators Raise Their Bullish Bets To 38-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 November 29th 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 Platinum

The COT precious metals speculator bets were a little lower this week as two out of the five metals markets we cover had higher positioning this week while three markets had lower contracts.

Leading the gains for the precious metals markets was Platinum (1,769 contracts) with Silver (717 contracts) also showing a positive week.

The metals markets leading the declines in speculator bets this week were Gold (-6,110 contracts) with Copper (-1,120 contracts) and Palladium (-523 contracts) also registering lower bets on the week.

Highlighting the COT metals data this week is the continued bullishness of Platinum positions. The large speculator standing in Platinum futures rose this week by +1,769 contracts. Speculator bets have now gained in eight out of the past nine weeks with a total rise of +24,098 contracts over that period. This has pushed the overall speculator’s bullish level for Platinum to its highest level in the past thirty-eight weeks, dating back to March 8th when the net position totaled +25,833 contracts.

Platinum futures prices have also been on the rise since hitting a September low near the $800.00 level. Platinum futures closed out this week right around the $1,026.60 level for an approximate  gain by 28 percent since the September 1st low.


Data Snapshot of Commodity Market Traders | Columns Legend
Nov-29-2022
OI
OI-Index
Spec-Net
Spec-Index
Com-Net
COM-Index
Smalls-Net
Smalls-Index
WTI Crude 1,412,121 1 239,739 8 -262,654 93 22,915 37
Corn 1,226,410 0 270,242 65 -231,169 39 -39,073 21
Natural Gas 985,010 7 -163,429 30 136,191 74 27,238 45
Sugar 876,309 34 179,035 56 -222,607 39 43,572 62
Soybeans 634,754 13 87,208 40 -61,551 68 -25,657 28
Gold 433,661 1 110,003 19 -119,233 82 9,230 3
Wheat 310,667 10 -33,305 0 37,024 100 -3,719 91
Heating Oil 266,829 23 30,733 88 -48,255 20 17,522 59
Coffee 196,365 9 -14,636 2 13,695 99 941 12
Brent 155,500 15 -32,087 57 29,424 42 2,663 45
Copper 146,760 0 1,984 38 -3,362 64 1,378 33
Silver 121,258 0 17,483 33 -28,997 68 11,514 26
Platinum 66,468 33 24,259 42 -28,762 60 4,503 28
Palladium 7,537 8 -1,631 14 1,687 84 -56 38

 


Strength Scores led by Platinum & Copper

Strength scores (a measure of the 3-Year range of Speculator positions, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show that Platinum (41.7 percent) and Copper (37.9 percent) lead the metals category at the moment. Silver (33.4 percent) comes in as the next highest metals market in strength scores.

On the downside, Palladium (14.2 percent) and Gold (19.2 percent) are at the lowest strength levels currently and are both in extreme bearish levels.

Strength Statistics:
Gold (19.2 percent) vs Gold previous week (21.2 percent)
Silver (33.4 percent) vs Silver previous week (32.6 percent)
Copper (37.9 percent) vs Copper previous week (38.8 percent)
Platinum (41.7 percent) vs Platinum previous week (39.3 percent)
Palladium (14.2 percent) vs Palladium previous week (17.3 percent)

Platinum tops Strength Trends

Strength Score Trends (or move index, calculates the 6-week changes in strength scores) show that Platinum (21.2 percent) leads the past six weeks trends for metals this week. Silver (17.9 percent), Copper (17.7 percent) and Gold (11.0 percent) are also positive movers in the latest trends data.

Palladium (-2.5 percent) leads the downside trend scores currently.

Move Statistics:
Gold (11.0 percent) vs Gold previous week (7.2 percent)
Silver (17.9 percent) vs Silver previous week (10.3 percent)
Copper (17.7 percent) vs Copper previous week (15.1 percent)
Platinum (21.2 percent) vs Platinum previous week (22.3 percent)
Palladium (-2.5 percent) vs Palladium previous week (-2.1 percent)


Individual Markets:

Gold Comex Futures:

Gold Futures COT Chart

The Gold Comex Futures large speculator standing this week equaled a net position of 110,003 contracts in the data reported through Tuesday. This was a weekly decrease of -6,110 contracts from the previous week which had a total of 116,113 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 19.2 percent. The commercials are Bullish-Extreme with a score of 82.3 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 3.0 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 48.2 30.9 7.8
– Percent of Open Interest Shorts: 22.9 58.4 5.7
– Net Position: 110,003 -119,233 9,230
– Gross Longs: 209,161 134,184 33,946
– Gross Shorts: 99,158 253,417 24,716
– Long to Short Ratio: 2.1 to 1 0.5 to 1 1.4 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 19.2 82.3 3.0
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 11.0 -9.0 -9.7

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week equaled a net position of 17,483 contracts in the data reported through Tuesday. This was a weekly boost of 717 contracts from the previous week which had a total of 16,766 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 33.4 percent. The commercials are Bullish with a score of 67.8 percent and the small traders (not shown in chart) are Bearish with a score of 26.0 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 39.9 38.2 18.3
– Percent of Open Interest Shorts: 25.5 62.1 8.8
– Net Position: 17,483 -28,997 11,514
– Gross Longs: 48,441 46,270 22,150
– Gross Shorts: 30,958 75,267 10,636
– Long to Short Ratio: 1.6 to 1 0.6 to 1 2.1 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 33.4 67.8 26.0
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 17.9 -18.8 17.8

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week equaled a net position of 1,984 contracts in the data reported through Tuesday. This was a weekly reduction of -1,120 contracts from the previous week which had a total of 3,104 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 37.9 percent. The commercials are Bullish with a score of 64.4 percent and the small traders (not shown in chart) are Bearish with a score of 33.3 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 35.0 43.1 9.2
– Percent of Open Interest Shorts: 33.7 45.4 8.3
– Net Position: 1,984 -3,362 1,378
– Gross Longs: 51,433 63,196 13,549
– Gross Shorts: 49,449 66,558 12,171
– Long to Short Ratio: 1.0 to 1 0.9 to 1 1.1 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 37.9 64.4 33.3
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 17.7 -17.9 4.5

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week equaled a net position of 24,259 contracts in the data reported through Tuesday. This was a weekly lift of 1,769 contracts from the previous week which had a total of 22,490 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 41.7 percent. The commercials are Bullish with a score of 59.8 percent and the small traders (not shown in chart) are Bearish with a score of 28.5 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 53.1 29.8 11.1
– Percent of Open Interest Shorts: 16.6 73.1 4.4
– Net Position: 24,259 -28,762 4,503
– Gross Longs: 35,268 19,824 7,400
– Gross Shorts: 11,009 48,586 2,897
– Long to Short Ratio: 3.2 to 1 0.4 to 1 2.6 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 41.7 59.8 28.5
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: 21.2 -21.6 18.2

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week equaled a net position of -1,631 contracts in the data reported through Tuesday. This was a weekly lowering of -523 contracts from the previous week which had a total of -1,108 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 14.2 percent. The commercials are Bullish-Extreme with a score of 83.7 percent and the small traders (not shown in chart) are Bearish with a score of 38.3 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 30.4 52.4 14.1
– Percent of Open Interest Shorts: 52.0 30.0 14.8
– Net Position: -1,631 1,687 -56
– Gross Longs: 2,289 3,951 1,061
– Gross Shorts: 3,920 2,264 1,117
– Long to Short Ratio: 0.6 to 1 1.7 to 1 0.9 to 1
NET POSITION TREND:      
– Strength Index Score (3 Year Range Pct): 14.2 83.7 38.3
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:      
– 6-Week Change in Strength Index: -2.5 1.4 10.8

 


Article By InvestMacro – Receive 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.


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