COT Metals Charts: Speculator Bets go lower led by Copper & Gold
<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/Metals-Open-Interest-Comparison.png"><img data-dominant-color="21222c" data-has-transparency="true" style="–dominant-color: #21222c;" fetchpriority="high" decoding="async" class="has-transparency aligncenter size-full wp-image-217583" src="https://investmacro.com/wp-content/uploads/2024/01/Metals-Open-Interest-Comparison.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/01/Metals-Open-Interest-Comparison.png 563w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Open-Interest-Comparison-160×96.png 160w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Open-Interest-Comparison-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 January 9th</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 lower by Copper & Gold</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/Metals-Futures-Large-Speculator-Net-Position-Changes.png"><img data-dominant-color="120f09" data-has-transparency="true" style="–dominant-color: #120f09;" decoding="async" class="has-transparency aligncenter size-full wp-image-217582" src="https://investmacro.com/wp-content/uploads/2024/01/Metals-Futures-Large-Speculator-Net-Position-Changes.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/01/Metals-Futures-Large-Speculator-Net-Position-Changes.png 563w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Futures-Large-Speculator-Net-Position-Changes-160×96.png 160w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Futures-Large-Speculator-Net-Position-Changes-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 all of the six metals markets we cover had lower speculator contracts.</p>
<p>Leading the declines for the metals was Copper (-21,784 contracts) with Gold (-19,035 contracts), Silver (-6,208 contracts), Platinum (-5,498 contracts), Steel (-2,444 contracts) and Palladium (-1,317 contracts) also registering lower bets on the week.</p>
<hr />
<h3>Major Metals – Speculators Leaderboard</h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/metals_leaderboard.png"><img data-dominant-color="0e0e0d" data-has-transparency="true" style="–dominant-color: #0e0e0d;" decoding="async" class="has-transparency aligncenter size-full wp-image-217584" src="https://investmacro.com/wp-content/uploads/2024/01/metals_leaderboard.png" alt="" width="567" height="185" srcset="https://investmacro.com/wp-content/uploads/2024/01/metals_leaderboard.png 567w, https://investmacro.com/wp-content/uploads/2024/01/metals_leaderboard-160×52.png 160w, https://investmacro.com/wp-content/uploads/2024/01/metals_leaderboard-150×49.png 150w" sizes="(max-width: 567px) 100vw, 567px" /></a></p>
<p><strong>Legend:</strong> Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)</p>
<hr />
<h2>Strength Scores led by Steel & Platinum</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Score-3-YR-Range.png"><img data-dominant-color="19273e" data-has-transparency="true" style="–dominant-color: #19273e;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217581" src="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Score-3-YR-Range.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Score-3-YR-Range.png 571w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Score-3-YR-Range-160×95.png 160w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Score-3-YR-Range-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 (91 percent) and Platinum (70 percent) lead the metals markets this week.</p>
<p>On the downside, Palladium (14 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent). The next lowest strength score was Copper (20 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (61.4 percent) vs Gold previous week (70.0 percent)<br />
Silver (58.2 percent) vs Silver previous week (67.4 percent)<br />
Copper (20.3 percent) vs Copper previous week (39.9 percent)<br />
Platinum (69.9 percent) vs Platinum previous week (82.6 percent)<br />
Palladium (13.9 percent) vs Palladium previous week (22.9 percent)<br />
Steel (90.7 percent) vs Palladium previous week (100.0 percent)</p>
<h2>Platinum & Palladium top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Trend-6-Weeks.png"><img data-dominant-color="1f1111" data-has-transparency="true" style="–dominant-color: #1f1111;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217580" src="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Trend-6-Weeks.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Trend-6-Weeks.png 553w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Trend-6-Weeks-160×98.png 160w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Trend-6-Weeks-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 Platinum (31 percent) and Palladium (5 percent) lead the past six weeks trends for metals.</p>
<p>Silver (-12 percent) leads the downside trend scores currently with Copper (-8 percent) and Steel (-5 percent) as the next markets with lower trend scores.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-5.2 percent) vs Gold previous week (16.2 percent)<br />
Silver (-11.8 percent) vs Silver previous week (7.6 percent)<br />
Copper (-8.4 percent) vs Copper previous week (10.9 percent)<br />
Platinum (31.2 percent) vs Platinum previous week (50.6 percent)<br />
Palladium (4.8 percent) vs Palladium previous week (14.6 percent)<br />
Steel (-4.7 percent) vs Steel previous week (7.2 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/GC-01-12-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/GC-01-12-2024.png" alt="Gold Futures COT Chart" width="720" height="660" /></a>The Gold Comex Futures large speculator standing this week recorded a net position of 188,614 contracts in the data reported through Tuesday. This was a weekly decline of -19,035 contracts from the previous week which had a total of 207,649 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 61.4 percent. The commercials are Bearish with a score of 36.5 percent and the small traders (not shown in chart) are Bullish with a score of 63.1 percent.</p>
<h3>Price Trend-Following Model: Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <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">55.5</td>
<td width="189">21.7</td>
<td width="187">10.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">17.0</td>
<td width="189">66.2</td>
<td width="187">4.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">188,614</td>
<td width="189">-217,701</td>
<td width="187">29,087</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">271,665</td>
<td width="189">106,489</td>
<td width="187">50,574</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">83,051</td>
<td width="189">324,190</td>
<td width="187">21,487</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">3.3 to 1</td>
<td width="189">0.3 to 1</td>
<td width="187">2.4 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">61.4</td>
<td width="189">36.5</td>
<td width="187">63.1</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">-5.2</td>
<td width="189">0.4</td>
<td width="187">31.7</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/SI-01-12-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/SI-01-12-2024.png" alt="Silver Futures COT Chart" width="720" height="660" /></a>The Silver Comex Futures large speculator standing this week recorded a net position of 26,362 contracts in the data reported through Tuesday. This was a weekly reduction of -6,208 contracts from the previous week which had a total of 32,570 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 58.2 percent. The commercials are Bearish with a score of 38.5 percent and the small traders (not shown in chart) are Bullish with a score of 63.2 percent.</p>
<h3>Price Trend-Following Model: Weak Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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>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">40.1</td>
<td width="189">29.2</td>
<td width="187">22.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">20.1</td>
<td width="189">62.3</td>
<td width="187">9.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">26,362</td>
<td width="189">-43,755</td>
<td width="187">17,393</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">52,886</td>
<td width="189">38,495</td>
<td width="187">29,378</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">26,524</td>
<td width="189">82,250</td>
<td width="187">11,985</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.0 to 1</td>
<td width="189">0.5 to 1</td>
<td width="187">2.5 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">58.2</td>
<td width="189">38.5</td>
<td width="187">63.2</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">5.2</td>
<td width="187">21.4</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Copper Grade #1 Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/HG-01-12-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/HG-01-12-2024.png" alt="Copper Futures COT Chart" width="720" height="660" /></a>The Copper Grade #1 Futures large speculator standing this week recorded a net position of -13,167 contracts in the data reported through Tuesday. This was a weekly lowering of -21,784 contracts from the previous week which had a total of 8,617 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 20.3 percent. The commercials are Bullish with a score of 79.1 percent and the small traders (not shown in chart) are Bearish with a score of 44.6 percent.</p>
<h3>Price Trend-Following Model: Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <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>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">31.1</td>
<td width="189">37.6</td>
<td width="187">7.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">37.5</td>
<td width="189">33.2</td>
<td width="187">5.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-13,167</td>
<td width="189">9,029</td>
<td width="187">4,138</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">64,262</td>
<td width="189">77,708</td>
<td width="187">16,397</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">77,429</td>
<td width="189">68,679</td>
<td width="187">12,259</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.8 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">1.3 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">20.3</td>
<td width="189">79.1</td>
<td width="187">44.6</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">-8.4</td>
<td width="189">3.4</td>
<td width="187">32.7</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/PL-01-12-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/PL-01-12-2024.png" alt="Platinum Futures COT Chart" width="720" height="660" /></a>The Platinum Futures large speculator standing this week recorded a net position of 23,541 contracts in the data reported through Tuesday. This was a weekly decrease of -5,498 contracts from the previous week which had a total of 29,039 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 69.9 percent. The commercials are Bearish with a score of 34.8 percent and the small traders (not shown in chart) are Bearish with a score of 32.9 percent.</p>
<h3>Price Trend-Following Model: Weak Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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>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">65.6</td>
<td width="189">20.3</td>
<td width="187">11.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">32.9</td>
<td width="189">59.8</td>
<td width="187">4.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">23,541</td>
<td width="189">-28,380</td>
<td width="187">4,839</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">47,209</td>
<td width="189">14,631</td>
<td width="187">7,883</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">23,668</td>
<td width="189">43,011</td>
<td width="187">3,044</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.0 to 1</td>
<td width="189">0.3 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">69.9</td>
<td width="189">34.8</td>
<td width="187">32.9</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">31.2</td>
<td width="189">-29.2</td>
<td width="187">8.0</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/PA-01-12-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/PA-01-12-2024.png" alt="Palladium Futures COT Chart" width="720" height="660" /></a>The Palladium Futures large speculator standing this week recorded a net position of -9,472 contracts in the data reported through Tuesday. This was a weekly lowering of -1,317 contracts from the previous week which had a total of -8,155 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 13.9 percent. The commercials are Bullish-Extreme with a score of 86.6 percent and the small traders (not shown in chart) are Bearish with a score of 45.8 percent.</p>
<h3>Price Trend-Following Model: Strong Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>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">19.6</td>
<td width="189">63.3</td>
<td width="187">9.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">71.9</td>
<td width="189">11.3</td>
<td width="187">9.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-9,472</td>
<td width="189">9,404</td>
<td width="187">68</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">3,551</td>
<td width="189">11,457</td>
<td width="187">1,766</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">13,023</td>
<td width="189">2,053</td>
<td width="187">1,698</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">5.6 to 1</td>
<td width="187">1.0 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">13.9</td>
<td width="189">86.6</td>
<td width="187">45.8</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">4.8</td>
<td width="189">-6.2</td>
<td width="187">14.7</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/HRC-01-12-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/HRC-01-12-2024.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week recorded a net position of -1,477 contracts in the data reported through Tuesday. This was a weekly decline of -2,444 contracts from the previous week which had a total of 967 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 90.7 percent. The commercials are Bearish-Extreme with a score of 9.4 percent and the small traders (not shown in chart) are Bullish with a score of 58.2 percent.</p>
<h3>Price Trend-Following Model: Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <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">20.3</td>
<td width="189">75.3</td>
<td width="187">2.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">27.7</td>
<td width="189">69.1</td>
<td width="187">0.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-1,477</td>
<td width="189">1,241</td>
<td width="187">236</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,078</td>
<td width="189">15,118</td>
<td width="187">426</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">5,555</td>
<td width="189">13,877</td>
<td width="187">190</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">2.2 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">90.7</td>
<td width="189">9.4</td>
<td width="187">58.2</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</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">-4.7</td>
<td width="189">4.8</td>
<td width="187">-3.0</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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