COT Metals Charts: Speculator Bets fall this week led by Copper & Platinum
<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-1.png"><img data-dominant-color="21222b" data-has-transparency="true" style="–dominant-color: #21222b;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217726" src="https://investmacro.com/wp-content/uploads/2024/01/Metals-Open-Interest-Comparison-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/01/Metals-Open-Interest-Comparison-1.png 563w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Open-Interest-Comparison-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Open-Interest-Comparison-1-150×90.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 16th</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 Bets fall this week led by Copper & Platinum</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png"><img data-dominant-color="100d09" data-has-transparency="true" style="–dominant-color: #100d09;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217725" src="https://investmacro.com/wp-content/uploads/2024/01/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/01/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png 563w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Futures-Large-Speculator-Net-Position-Changes-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Futures-Large-Speculator-Net-Position-Changes-1-150×90.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 six metals markets we cover had lower speculator contracts.</p>
<p>Leading the declines in speculator bets for the week were Copper (-12,139 contracts), Platinum (-10,984 contracts), Gold (-8,721 contracts), Palladium (-1,977 contracts), Silver (-769 contracts) and with Steel (-316 contracts) also seeing 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-1.png"><img data-dominant-color="222222" data-has-transparency="true" style="–dominant-color: #222222;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217742" src="https://investmacro.com/wp-content/uploads/2024/01/Metals_Leaderboard-1.png" alt="" width="567" height="185" srcset="https://investmacro.com/wp-content/uploads/2024/01/Metals_Leaderboard-1.png 567w, https://investmacro.com/wp-content/uploads/2024/01/Metals_Leaderboard-1-160×52.png 160w, https://investmacro.com/wp-content/uploads/2024/01/Metals_Leaderboard-1-150×49.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 & Gold</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Score-3-YR-Range-1.png"><img data-dominant-color="172336" data-has-transparency="true" style="–dominant-color: #172336;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217724" src="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Score-3-YR-Range-1.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Score-3-YR-Range-1.png 571w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Score-3-YR-Range-1-160×95.png 160w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Score-3-YR-Range-1-150×89.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 (89 percent) and Gold (57 percent) lead the metals markets this week. comes in as the next highest in the weekly strength scores.</p>
<p>On the downside, Palladium (0 percent) and Copper (9 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (57.5 percent) vs Gold previous week (61.4 percent)<br />
Silver (57.1 percent) vs Silver previous week (58.2 percent)<br />
Copper (9.4 percent) vs Copper previous week (20.3 percent)<br />
Platinum (44.6 percent) vs Platinum previous week (69.9 percent)<br />
Palladium (0.3 percent) vs Palladium previous week (13.9 percent)<br />
Steel (89.5 percent) vs Palladium previous week (90.7 percent)</p>
<p> </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-1.png"><img data-dominant-color="211213" data-has-transparency="true" style="–dominant-color: #211213;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217723" src="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Trend-6-Weeks-1.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Trend-6-Weeks-1.png 553w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Trend-6-Weeks-1-160×98.png 160w, https://investmacro.com/wp-content/uploads/2024/01/Metals-Speculator-Strength-Trend-6-Weeks-1-150×92.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 (17 percent) and Palladium (-1 percent) lead the past six weeks trends for metals. Silver (-16 percent) is the next highest positive mover in the latest trends data.</p>
<p>Gold (-11 percent) leads the downside trend scores currently with Copper (-21 percent) as the next market with lower trend scores.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-10.6 percent) vs Gold previous week (-5.2 percent)<br />
Silver (-15.9 percent) vs Silver previous week (-11.8 percent)<br />
Copper (-21.0 percent) vs Copper previous week (-8.4 percent)<br />
Platinum (17.1 percent) vs Platinum previous week (31.2 percent)<br />
Palladium (-1.4 percent) vs Palladium previous week (4.8 percent)<br />
Steel (-6.2 percent) vs Steel previous week (-4.7 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-01-19-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/GC-01-19-2024.png" alt="Gold Futures COT Chart" width="720" height="660" /></a>The Gold Comex Futures large speculator standing this week totaled a net position of 179,893 contracts in the data reported through Tuesday. This was a weekly decrease of -8,721 contracts from the previous week which had a total of 188,614 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 57.5 percent. The commercials are Bearish with a score of 40.7 percent and the small traders (not shown in chart) are Bullish with a score of 58.4 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">53.6</td>
<td width="189">22.3</td>
<td width="187">10.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">16.9</td>
<td width="189">64.7</td>
<td width="187">4.5</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">179,893</td>
<td width="189">-207,420</td>
<td width="187">27,527</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">262,360</td>
<td width="189">109,287</td>
<td width="187">49,640</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">82,467</td>
<td width="189">316,707</td>
<td width="187">22,113</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">2.2 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">57.5</td>
<td width="189">40.7</td>
<td width="187">58.4</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">-10.6</td>
<td width="189">8.0</td>
<td width="187">12.4</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-01-19-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/SI-01-19-2024.png" alt="Silver Futures COT Chart" width="720" height="660" /></a>The Silver Comex Futures large speculator standing this week totaled a net position of 25,593 contracts in the data reported through Tuesday. This was a weekly fall of -769 contracts from the previous week which had a total of 26,362 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 57.1 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 67.5 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">40.9</td>
<td width="189">27.6</td>
<td width="187">22.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">21.5</td>
<td width="189">60.8</td>
<td width="187">8.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">25,593</td>
<td width="189">-43,759</td>
<td width="187">18,166</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">54,001</td>
<td width="189">36,482</td>
<td width="187">29,933</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">28,408</td>
<td width="189">80,241</td>
<td width="187">11,767</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.9 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">57.1</td>
<td width="189">38.5</td>
<td width="187">67.5</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">-15.9</td>
<td width="189">10.4</td>
<td width="187">13.7</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-01-19-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/HG-01-19-2024.png" alt="Copper Futures COT Chart" width="720" height="660" /></a>The Copper Grade #1 Futures large speculator standing this week totaled a net position of -25,306 contracts in the data reported through Tuesday. This was a weekly decrease of -12,139 contracts from the previous week which had a total of -13,167 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 Bearish-Extreme with a score of 9.4 percent. The commercials are Bullish-Extreme with a score of 90.6 percent and the small traders (not shown in chart) are Bearish with a score of 34.0 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">28.5</td>
<td width="189">42.6</td>
<td width="187">6.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">40.0</td>
<td width="189">32.2</td>
<td width="187">5.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-25,306</td>
<td width="189">22,851</td>
<td width="187">2,455</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">62,408</td>
<td width="189">93,533</td>
<td width="187">14,856</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">87,714</td>
<td width="189">70,682</td>
<td width="187">12,401</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.3 to 1</td>
<td width="187">1.2 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">9.4</td>
<td width="189">90.6</td>
<td width="187">34.0</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">-21.0</td>
<td width="189">17.1</td>
<td width="187">16.4</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-01-19-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/PL-01-19-2024.png" alt="Platinum Futures COT Chart" width="720" height="660" /></a>The Platinum Futures large speculator standing this week totaled a net position of 12,557 contracts in the data reported through Tuesday. This was a weekly fall of -10,984 contracts from the previous week which had a total of 23,541 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 44.6 percent. The commercials are Bullish with a score of 55.2 percent and the small traders (not shown in chart) are Bearish with a score of 47.6 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">57.6</td>
<td width="189">23.7</td>
<td width="187">12.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">40.9</td>
<td width="189">48.3</td>
<td width="187">4.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">12,557</td>
<td width="189">-18,498</td>
<td width="187">5,941</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">43,243</td>
<td width="189">17,774</td>
<td width="187">9,509</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">30,686</td>
<td width="189">36,272</td>
<td width="187">3,568</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.4 to 1</td>
<td width="189">0.5 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">44.6</td>
<td width="189">55.2</td>
<td width="187">47.6</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">17.1</td>
<td width="189">-19.3</td>
<td width="187">25.2</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-01-19-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/PA-01-19-2024.png" alt="Palladium Futures COT Chart" width="720" height="660" /></a>The Palladium Futures large speculator standing this week totaled a net position of -11,449 contracts in the data reported through Tuesday. This was a weekly fall of -1,977 contracts from the previous week which had a total of -9,472 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 0.3 percent. The commercials are Bullish-Extreme with a score of 96.2 percent and the small traders (not shown in chart) are Bullish with a score of 76.3 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">17.8</td>
<td width="189">60.6</td>
<td width="187">10.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">73.9</td>
<td width="189">7.3</td>
<td width="187">8.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-11,449</td>
<td width="189">10,874</td>
<td width="187">575</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">3,623</td>
<td width="189">12,370</td>
<td width="187">2,226</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">15,072</td>
<td width="189">1,496</td>
<td width="187">1,651</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.2 to 1</td>
<td width="189">8.3 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">0.3</td>
<td width="189">96.2</td>
<td width="187">76.3</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>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">-1.4</td>
<td width="189">-2.6</td>
<td width="187">36.1</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-01-19-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/01/HRC-01-19-2024.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week totaled a net position of -1,793 contracts in the data reported through Tuesday. This was a weekly decrease of -316 contracts from the previous week which had a total of -1,477 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 89.5 percent. The commercials are Bearish-Extreme with a score of 10.7 percent and the small traders (not shown in chart) are Bullish with a score of 54.0 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">14.7</td>
<td width="189">80.1</td>
<td width="187">2.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">23.2</td>
<td width="189">72.6</td>
<td width="187">1.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-1,793</td>
<td width="189">1,595</td>
<td width="187">198</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">3,114</td>
<td width="189">16,956</td>
<td width="187">440</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">4,907</td>
<td width="189">15,361</td>
<td width="187">242</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.6 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">1.8 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">89.5</td>
<td width="189">10.7</td>
<td width="187">54.0</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">-6.2</td>
<td width="189">7.0</td>
<td width="187">-23.0</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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