Copper Speculators raise their bets into first bullish position in 9 weeks
<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/06/Metals-Open-Interest-Comparison-2.png"><img data-dominant-color="22222b" data-has-transparency="true" style="–dominant-color: #22222b;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-213884" src="https://investmacro.com/wp-content/uploads/2023/06/Metals-Open-Interest-Comparison-2.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/06/Metals-Open-Interest-Comparison-2.png 563w, https://investmacro.com/wp-content/uploads/2023/06/Metals-Open-Interest-Comparison-2-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/06/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 June 20th</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 Palladium & Gold</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/06/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png"><img data-dominant-color="0d0b07" data-has-transparency="true" style="–dominant-color: #0d0b07;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-213883" src="https://investmacro.com/wp-content/uploads/2023/06/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/06/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png 563w, https://investmacro.com/wp-content/uploads/2023/06/Metals-Futures-Large-Speculator-Net-Position-Changes-2-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/06/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 higher this week as four out of the six metals markets we cover had higher positioning while the other two markets had lower speculator contracts.</p>
<p>Leading the gains for the metals was Copper (14,794 contracts) with Gold (2,766 contracts), Palladium (501 contracts) and Steel (175 contracts) also showing positive weeks.</p>
<p>The markets with declines in speculator bets for the week were Silver (-3,678 contracts) and Platinum (-2,500 contracts) having lower bets on the week.</p>
<h3>Copper Speculators raise their bets into first bullish position in 9 weeks</h3>
<p>Highlighting the COT metals data this week is the gains for the Copper speculative positions. The large speculator position in Copper futures rose by +14,794 contracts this week following a gain by +13,050 contracts last week. The speculator position has now risen by over +37,590 contracts in total over the past three weeks.</p>
<p>This renewed positive sentiment has brought the net position standing back into a small bullish level after spending the past eight weeks in bearish territory.</p>
<p>Despite the bullish return of speculators, Copper prices closed out the week lower following three straight weeks of gains. The futures price touched a six-week high on Thursday at 3.967 before turning lower and finishing the week at 3.8035.</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>Jun-20-2023</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>438,037</td>
<td>7</td>
<td>162,975</td>
<td>49</td>
<td>-186,537</td>
<td>52</td>
<td>23,562</td>
<td>39</td>
</tr>
<tr>
<td>Silver</td>
<td>152,633</td>
<td>40</td>
<td>20,058</td>
<td>47</td>
<td>-36,210</td>
<td>50</td>
<td>16,152</td>
<td>56</td>
</tr>
<tr>
<td>Copper</td>
<td>204,399</td>
<td>46</td>
<td>1,888</td>
<td>32</td>
<td>-4,003</td>
<td>68</td>
<td>2,115</td>
<td>32</td>
</tr>
<tr>
<td>Palladium</td>
<td>12,304</td>
<td>87</td>
<td>-6,635</td>
<td>5</td>
<td>7,214</td>
<td>96</td>
<td>-579</td>
<td>7</td>
</tr>
<tr>
<td>Platinum</td>
<td>69,436</td>
<td>70</td>
<td>19,472</td>
<td>61</td>
<td>-25,052</td>
<td>42</td>
<td>5,580</td>
<td>43</td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<hr />
<h2>Strength Scores led by Steel & Platinum</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/06/Metals-Speculator-Strength-Score-3-YR-Range-2.png"><img data-dominant-color="172336" data-has-transparency="true" style="–dominant-color: #172336;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-213882" src="https://investmacro.com/wp-content/uploads/2023/06/Metals-Speculator-Strength-Score-3-YR-Range-2.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/06/Metals-Speculator-Strength-Score-3-YR-Range-2.png 571w, https://investmacro.com/wp-content/uploads/2023/06/Metals-Speculator-Strength-Score-3-YR-Range-2-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/06/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 (68 percent) and Platinum (61 percent) lead the metals markets this week.</p>
<p>On the downside, Palladium (5 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 (48.8 percent) vs Gold previous week (47.6 percent)<br />
Silver (46.9 percent) vs Silver previous week (52.1 percent)<br />
Copper (32.5 percent) vs Copper previous week (19.7 percent)<br />
Platinum (60.5 percent) vs Platinum previous week (66.3 percent)<br />
Palladium (4.6 percent) vs Palladium previous week (0.0 percent)<br />
Steel (67.8 percent) vs Palladium previous week (67.3 percent)</p>
<p align="center">
<h2>Copper & Steel top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/06/Metals-Speculator-Strength-Trend-6-Weeks-2.png"><img data-dominant-color="2b1313" data-has-transparency="true" style="–dominant-color: #2b1313;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-213881" src="https://investmacro.com/wp-content/uploads/2023/06/Metals-Speculator-Strength-Trend-6-Weeks-2.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/06/Metals-Speculator-Strength-Trend-6-Weeks-2.png 553w, https://investmacro.com/wp-content/uploads/2023/06/Metals-Speculator-Strength-Trend-6-Weeks-2-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/06/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 Copper (23 percent) and Steel (6 percent) lead the past six weeks trends for metals.</p>
<p>Platinum (-20 percent), Silver (-18 percent) and Gold (-14 percent) lead the downside trend scores currently.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-14.5 percent) vs Gold previous week (-15.6 percent)<br />
Silver (-17.6 percent) vs Silver previous week (-11.7 percent)<br />
Copper (23.1 percent) vs Copper previous week (7.6 percent)<br />
Platinum (-19.9 percent) vs Platinum previous week (-10.9 percent)<br />
Palladium (-9.1 percent) vs Palladium previous week (-6.4 percent)<br />
Steel (5.9 percent) vs Steel previous week (4.5 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/06/GC-06-23-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/06/GC-06-23-2023.png" alt="Gold Futures COT Chart" width="720" height="660" /></a>The Gold Comex Futures large speculator standing this week resulted in a net position of 162,975 contracts in the data reported through Tuesday. This was a weekly lift of 2,766 contracts from the previous week which had a total of 160,209 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 48.8 percent. The commercials are Bullish with a score of 51.9 percent and the small traders (not shown in chart) are Bearish with a score of 39.0 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>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">52.3</td>
<td width="189">27.7</td>
<td width="187">10.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">15.1</td>
<td width="189">70.3</td>
<td width="187">5.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">162,975</td>
<td width="189">-186,537</td>
<td width="187">23,562</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">229,308</td>
<td width="189">121,419</td>
<td width="187">47,402</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">66,333</td>
<td width="189">307,956</td>
<td width="187">23,840</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">3.5 to 1</td>
<td width="189">0.4 to 1</td>
<td width="187">2.0 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">48.8</td>
<td width="189">51.9</td>
<td width="187">39.0</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">-14.5</td>
<td width="189">13.9</td>
<td width="187">-7.9</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/06/SI-06-23-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/06/SI-06-23-2023.png" alt="Silver Futures COT Chart" width="720" height="660" /></a>The Silver Comex Futures large speculator standing this week resulted in a net position of 20,058 contracts in the data reported through Tuesday. This was a weekly lowering of -3,678 contracts from the previous week which had a total of 23,736 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 46.9 percent. The commercials are Bullish with a score of 50.0 percent and the small traders (not shown in chart) are Bullish with a score of 56.3 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">34.4</td>
<td width="189">30.1</td>
<td width="187">18.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">21.3</td>
<td width="189">53.8</td>
<td width="187">7.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">20,058</td>
<td width="189">-36,210</td>
<td width="187">16,152</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">52,547</td>
<td width="189">45,941</td>
<td width="187">28,208</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">32,489</td>
<td width="189">82,151</td>
<td width="187">12,056</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.6 to 1</td>
<td width="189">0.6 to 1</td>
<td width="187">2.3 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">46.9</td>
<td width="189">50.0</td>
<td width="187">56.3</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>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">-17.6</td>
<td width="189">12.1</td>
<td width="187">13.0</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Copper Grade #1 Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/06/HG-06-23-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/06/HG-06-23-2023.png" alt="Copper Futures COT Chart" width="720" height="660" /></a>The Copper Grade #1 Futures large speculator standing this week resulted in a net position of 1,888 contracts in the data reported through Tuesday. This was a weekly rise of 14,794 contracts from the previous week which had a total of -12,906 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 32.5 percent. The commercials are Bullish with a score of 68.3 percent and the small traders (not shown in chart) are Bearish with a score of 31.8 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>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">31.7</td>
<td width="189">42.4</td>
<td width="187">8.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">30.7</td>
<td width="189">44.4</td>
<td width="187">7.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">1,888</td>
<td width="189">-4,003</td>
<td width="187">2,115</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">64,740</td>
<td width="189">86,761</td>
<td width="187">16,759</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">62,852</td>
<td width="189">90,764</td>
<td width="187">14,644</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.0 to 1</td>
<td width="189">1.0 to 1</td>
<td width="187">1.1 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">32.5</td>
<td width="189">68.3</td>
<td width="187">31.8</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">23.1</td>
<td width="189">-19.7</td>
<td width="187">-19.0</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/06/PL-06-23-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/06/PL-06-23-2023.png" alt="Platinum Futures COT Chart" width="720" height="660" /></a>The Platinum Futures large speculator standing this week resulted in a net position of 19,472 contracts in the data reported through Tuesday. This was a weekly reduction of -2,500 contracts from the previous week which had a total of 21,972 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 60.5 percent. The commercials are Bearish with a score of 41.7 percent and the small traders (not shown in chart) are Bearish with a score of 42.8 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">49.1</td>
<td width="189">28.3</td>
<td width="187">12.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">21.0</td>
<td width="189">64.4</td>
<td width="187">4.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">19,472</td>
<td width="189">-25,052</td>
<td width="187">5,580</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">34,059</td>
<td width="189">19,682</td>
<td width="187">8,936</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">14,587</td>
<td width="189">44,734</td>
<td width="187">3,356</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.3 to 1</td>
<td width="189">0.4 to 1</td>
<td width="187">2.7 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">60.5</td>
<td width="189">41.7</td>
<td width="187">42.8</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">-19.9</td>
<td width="189">15.4</td>
<td width="187">15.7</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/06/PA-06-23-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/06/PA-06-23-2023.png" alt="Palladium Futures COT Chart" width="720" height="660" /></a>The Palladium Futures large speculator standing this week resulted in a net position of -6,635 contracts in the data reported through Tuesday. This was a weekly gain of 501 contracts from the previous week which had a total of -7,136 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 4.6 percent. The commercials are Bullish-Extreme with a score of 96.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 6.9 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">20.5</td>
<td width="189">67.2</td>
<td width="187">9.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">74.4</td>
<td width="189">8.6</td>
<td width="187">14.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-6,635</td>
<td width="189">7,214</td>
<td width="187">-579</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">2,525</td>
<td width="189">8,268</td>
<td width="187">1,182</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">9,160</td>
<td width="189">1,054</td>
<td width="187">1,761</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">7.8 to 1</td>
<td width="187">0.7 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">4.6</td>
<td width="189">96.4</td>
<td width="187">6.9</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-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">-9.1</td>
<td width="189">10.3</td>
<td width="187">-15.7</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/06/HRC-06-23-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/06/HRC-06-23-2023.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week resulted in a net position of -1,855 contracts in the data reported through Tuesday. This was a weekly advance of 175 contracts from the previous week which had a total of -2,030 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 67.8 percent. The commercials are Bearish with a score of 32.0 percent and the small traders (not shown in chart) are Bearish with a score of 38.9 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>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">14.8</td>
<td width="189">78.0</td>
<td width="187">1.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">21.5</td>
<td width="189">71.8</td>
<td width="187">0.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-1,855</td>
<td width="189">1,710</td>
<td width="187">145</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,085</td>
<td width="189">21,522</td>
<td width="187">264</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">5,940</td>
<td width="189">19,812</td>
<td width="187">119</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">67.8</td>
<td width="189">32.0</td>
<td width="187">38.9</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">5.9</td>
<td width="189">-6.4</td>
<td width="187">22.1</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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