COT Metals Charts: Speculator Bets led by Platinum & Palladium
<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Metals-Open-Interest-Comparison-2.png"><img data-dominant-color="20222c" data-has-transparency="true" style="–dominant-color: #20222c;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217154" src="https://investmacro.com/wp-content/uploads/2023/12/Metals-Open-Interest-Comparison-2.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/12/Metals-Open-Interest-Comparison-2.png 563w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Open-Interest-Comparison-2-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Open-Interest-Comparison-2-150×90.png 150w" sizes="(max-width: 563px) 100vw, 563px" /></a></p>
<p>Here are the latest charts and statistics for the <a href="https://www.investmacro.com/cot/">Commitment of Traders (COT)</a> data published by the Commodities Futures Trading Commission (CFTC).</p>
<p>The latest COT data is updated through <b>Tuesday December 12th</b> and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.</p>
<h2>Weekly Speculator Changes led by Platinum & Palladium</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png"><img data-dominant-color="0f0c08" data-has-transparency="true" style="–dominant-color: #0f0c08;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217153" src="https://investmacro.com/wp-content/uploads/2023/12/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/12/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png 563w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Futures-Large-Speculator-Net-Position-Changes-2-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Futures-Large-Speculator-Net-Position-Changes-2-150×90.png 150w" sizes="(max-width: 563px) 100vw, 563px" /></a></p>
<p>The COT <a href="https://investmacro.com/metals/">metals markets</a> speculator bets were lower this week as just two out of the six metals markets we cover had higher positioning while the other four markets had lower speculator contracts.</p>
<p>Leading the gains for the metals was Platinum (2,576 contracts) with Palladium (614 contracts) also showing a positive week.</p>
<p>The markets with declines in speculator bets for the week were Gold (-15,311 contracts), Silver (-7,845 contracts), Copper (-2,010 contracts) and Steel (-318 contracts).</p>
<hr />
<div>Data Snapshot of Commodity Market Traders | <a href="https://www.investmacro.com/wp-content/uploads/2021/04/Data_Tables_Labels-2.png"><u>Columns Legend</u></a></div>
<div>
<table border="1">
<thead>
<tr>
<th>Dec-12-2023</th>
<th>OI</th>
<th>OI-Index</th>
<th>Spec-Net</th>
<th>Spec-Index</th>
<th>Com-Net</th>
<th>COM-Index</th>
<th>Smalls-Net</th>
<th>Smalls-Index</th>
</tr>
</thead>
<tbody>
<tr>
<td>Gold</td>
<td>469,939</td>
<td>22</td>
<td>188,233</td>
<td>60</td>
<td>-212,808</td>
<td>42</td>
<td>24,575</td>
<td>46</td>
</tr>
<tr>
<td>Silver</td>
<td>134,281</td>
<td>25</td>
<td>28,458</td>
<td>59</td>
<td>-47,496</td>
<td>36</td>
<td>19,038</td>
<td>72</td>
</tr>
<tr>
<td>Copper</td>
<td>176,034</td>
<td>23</td>
<td>-4,004</td>
<td>29</td>
<td>5,131</td>
<td>76</td>
<td>-1,127</td>
<td>11</td>
</tr>
<tr>
<td>Palladium</td>
<td>21,309</td>
<td>72</td>
<td>-10,638</td>
<td>6</td>
<td>10,920</td>
<td>97</td>
<td>-282</td>
<td>25</td>
</tr>
<tr>
<td>Platinum</td>
<td>74,004</td>
<td>62</td>
<td>7,709</td>
<td>33</td>
<td>-11,713</td>
<td>69</td>
<td>4,004</td>
<td>22</td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<hr />
<h2>Strength Scores led by Steel & Gold</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Score-3-YR-Range-2.png"><img data-dominant-color="182539" data-has-transparency="true" style="–dominant-color: #182539;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217152" src="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Score-3-YR-Range-2.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Score-3-YR-Range-2.png 571w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Score-3-YR-Range-2-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Score-3-YR-Range-2-150×89.png 150w" sizes="(max-width: 571px) 100vw, 571px" /></a></p>
<p><a href="https://investmacro.com/cot-leaders/#specs">COT Strength Scores</a> (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Steel (98 percent) and Gold (60 percent) lead the metals markets this week. Palladium (6 percent) comes in as the next highest in the weekly strength scores.</p>
<p>On the downside, Palladium (6 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (59.9 percent) vs Gold previous week (66.7 percent)<br />
Silver (58.9 percent) vs Silver previous week (70.1 percent)<br />
Copper (28.5 percent) vs Copper previous week (30.3 percent)<br />
Platinum (33.4 percent) vs Platinum previous week (27.4 percent)<br />
Palladium (5.6 percent) vs Palladium previous week (1.6 percent)<br />
Steel (97.6 percent) vs Palladium previous week (98.8 percent)</p>
<p> </p>
<h2>Silver & Copper top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Trend-6-Weeks-2.png"><img data-dominant-color="1c1111" data-has-transparency="true" style="–dominant-color: #1c1111;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217151" src="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Trend-6-Weeks-2.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Trend-6-Weeks-2.png 553w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Trend-6-Weeks-2-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Trend-6-Weeks-2-150×92.png 150w" sizes="(max-width: 553px) 100vw, 553px" /></a></p>
<p><a href="https://investmacro.com/cot-leaders/#specs">COT Strength Score Trends</a> (or move index, calculates the 6-week changes in strength scores) showed that Silver (12 percent) and Copper (12 percent) lead the past six weeks trends for metals.</p>
<p>Platinum (-7 percent) and Palladium (-3 percent) lead the downside trend scores currently.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (10.9 percent) vs Gold previous week (23.8 percent)<br />
Silver (11.8 percent) vs Silver previous week (17.1 percent)<br />
Copper (11.8 percent) vs Copper previous week (16.9 percent)<br />
Platinum (-7.2 percent) vs Platinum previous week (13.0 percent)<br />
Palladium (-2.5 percent) vs Palladium previous week (-0.1 percent)<br />
Steel (8.3 percent) vs Steel previous week (20.9 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/GC-12-15-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/GC-12-15-2023.png" alt="Gold Futures COT Chart" width="720" height="660" /></a>The Gold Comex Futures large speculator standing this week reached a net position of 188,233 contracts in the data reported through Tuesday. This was a weekly lowering of -15,311 contracts from the previous week which had a total of 203,544 net contracts.</p>
<p>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 59.9 percent. The commercials are Bearish with a score of 41.8 percent and the small traders (not shown in chart) are Bearish with a score of 45.9 percent.</p>
<h3>Price Trend-Following Model: Strong Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Uptrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Long Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Gold Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">58.2</td>
<td width="189">22.5</td>
<td width="187">9.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">18.2</td>
<td width="189">67.8</td>
<td width="187">4.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">188,233</td>
<td width="189">-212,808</td>
<td width="187">24,575</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">273,536</td>
<td width="189">105,710</td>
<td width="187">46,457</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">85,303</td>
<td width="189">318,518</td>
<td width="187">21,882</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">3.2 to 1</td>
<td width="189">0.3 to 1</td>
<td width="187">2.1 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">59.9</td>
<td width="189">41.8</td>
<td width="187">45.9</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">10.9</td>
<td width="189">-11.6</td>
<td width="187">14.7</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/SI-12-15-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/SI-12-15-2023.png" alt="Silver Futures COT Chart" width="720" height="660" /></a>The Silver Comex Futures large speculator standing this week reached a net position of 28,458 contracts in the data reported through Tuesday. This was a weekly fall of -7,845 contracts from the previous week which had a total of 36,303 net contracts.</p>
<p>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 58.9 percent. The commercials are Bearish with a score of 36.4 percent and the small traders (not shown in chart) are Bullish with a score of 72.4 percent.</p>
<h3>Price Trend-Following Model: Strong Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Uptrend</strong>. The current action for the model is considered to be: <strong>New Buy – Long Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Silver Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">41.5</td>
<td width="189">28.2</td>
<td width="187">22.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">20.3</td>
<td width="189">63.6</td>
<td width="187">8.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">28,458</td>
<td width="189">-47,496</td>
<td width="187">19,038</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">55,684</td>
<td width="189">37,850</td>
<td width="187">30,602</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">27,226</td>
<td width="189">85,346</td>
<td width="187">11,564</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.0 to 1</td>
<td width="189">0.4 to 1</td>
<td width="187">2.6 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">58.9</td>
<td width="189">36.4</td>
<td width="187">72.4</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">11.8</td>
<td width="189">-17.4</td>
<td width="187">34.2</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Copper Grade #1 Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/HG-12-15-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/HG-12-15-2023.png" alt="Copper Futures COT Chart" width="720" height="660" /></a>The Copper Grade #1 Futures large speculator standing this week reached a net position of -4,004 contracts in the data reported through Tuesday. This was a weekly lowering of -2,010 contracts from the previous week which had a total of -1,994 net contracts.</p>
<p>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 28.5 percent. The commercials are Bullish with a score of 75.9 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 11.4 percent.</p>
<h3>Price Trend-Following Model: Strong Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Uptrend</strong>. The current action for the model is considered to be: <strong>New Buy – Long Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Copper Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">37.3</td>
<td width="189">38.9</td>
<td width="187">7.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">39.6</td>
<td width="189">36.0</td>
<td width="187">8.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-4,004</td>
<td width="189">5,131</td>
<td width="187">-1,127</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">65,630</td>
<td width="189">68,476</td>
<td width="187">13,473</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">69,634</td>
<td width="189">63,345</td>
<td width="187">14,600</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.9 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">0.9 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">28.5</td>
<td width="189">75.9</td>
<td width="187">11.4</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish-Extreme</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">11.8</td>
<td width="189">-11.0</td>
<td width="187">0.7</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/PL-12-15-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/PL-12-15-2023.png" alt="Platinum Futures COT Chart" width="720" height="660" /></a>The Platinum Futures large speculator standing this week reached a net position of 7,709 contracts in the data reported through Tuesday. This was a weekly gain of 2,576 contracts from the previous week which had a total of 5,133 net contracts.</p>
<p>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 69.3 percent and the small traders (not shown in chart) are Bearish with a score of 21.8 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend (Possible Trend Change)</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Platinum Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">49.7</td>
<td width="189">28.1</td>
<td width="187">10.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">39.3</td>
<td width="189">43.9</td>
<td width="187">4.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">7,709</td>
<td width="189">-11,713</td>
<td width="187">4,004</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">36,789</td>
<td width="189">20,804</td>
<td width="187">7,620</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">29,080</td>
<td width="189">32,517</td>
<td width="187">3,616</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.3 to 1</td>
<td width="189">0.6 to 1</td>
<td width="187">2.1 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">33.4</td>
<td width="189">69.3</td>
<td width="187">21.8</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-7.2</td>
<td width="189">5.1</td>
<td width="187">8.6</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/PA-12-15-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/PA-12-15-2023.png" alt="Palladium Futures COT Chart" width="720" height="660" /></a>The Palladium Futures large speculator standing this week reached a net position of -10,638 contracts in the data reported through Tuesday. This was a weekly gain of 614 contracts from the previous week which had a total of -11,252 net contracts.</p>
<p>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 5.6 percent. The commercials are Bullish-Extreme with a score of 96.6 percent and the small traders (not shown in chart) are Bearish with a score of 24.8 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Palladium Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">24.7</td>
<td width="189">59.7</td>
<td width="187">7.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">74.7</td>
<td width="189">8.4</td>
<td width="187">9.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-10,638</td>
<td width="189">10,920</td>
<td width="187">-282</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">5,270</td>
<td width="189">12,719</td>
<td width="187">1,653</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">15,908</td>
<td width="189">1,799</td>
<td width="187">1,935</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">7.1 to 1</td>
<td width="187">0.9 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">5.6</td>
<td width="189">96.6</td>
<td width="187">24.8</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-2.5</td>
<td width="189">4.8</td>
<td width="187">-22.4</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/HRC-12-15-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/HRC-12-15-2023.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week reached a net position of -485 contracts in the data reported through Tuesday. This was a weekly lowering of -318 contracts from the previous week which had a total of -167 net contracts.</p>
<p>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-Extreme with a score of 97.6 percent. The commercials are Bearish-Extreme with a score of 1.3 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 82.9 percent.</p>
<h3>Price Trend-Following Model: Strong Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Uptrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Long Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Steel Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">23.5</td>
<td width="189">69.7</td>
<td width="187">3.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">25.9</td>
<td width="189">69.6</td>
<td width="187">0.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-485</td>
<td width="189">23</td>
<td width="187">462</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,671</td>
<td width="189">13,862</td>
<td width="187">587</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">5,156</td>
<td width="189">13,839</td>
<td width="187">125</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.9 to 1</td>
<td width="189">1.0 to 1</td>
<td width="187">4.7 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">97.6</td>
<td width="189">1.3</td>
<td width="187">82.9</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish-Extreme</strong></td>
<td width="189"><strong>Bearish-Extreme</strong></td>
<td width="187"><strong>Bullish-Extreme</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">8.3</td>
<td width="189">-9.9</td>
<td width="187">43.0</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<p>Article <strong>By InvestMacro</strong> – <b>Receive our weekly <a href="https://investmacro.com/cot-newsletter/">COT Newsletter</a></b></p>
<p><strong>*</strong><a href="https://www.investmacro.com/cot-reports/">COT Report</a>: The <a href="https://investmacro.com/cot-data/">COT data</a>, 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.</p>
<p>The CFTC categorizes trader positions according to <a href="https://investmacro.com/cot-reports/">commercial hedgers</a> (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 <a href="https://investmacro.com/open-interest-analysis/">open interest</a> (contracts open in the market at time of reporting). See CFTC criteria <a href="https://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm">here</a>.</p>
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