COT Metals Charts: Speculator bets led by Copper & Silver

<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/Metals-Open-Interest-Comparison.png"><img data-dominant-color="23212a" data-has-transparency="true" style="–dominant-color: #23212a;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-218031" src="https://investmacro.com/wp-content/uploads/2024/02/Metals-Open-Interest-Comparison.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/02/Metals-Open-Interest-Comparison.png 563w, https://investmacro.com/wp-content/uploads/2024/02/Metals-Open-Interest-Comparison-160×96.png 160w, https://investmacro.com/wp-content/uploads/2024/02/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 30th</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 Copper &amp; Silver</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/Metals-Futures-Large-Speculator-Net-Position-Changes.png"><img data-dominant-color="120e09" data-has-transparency="true" style="–dominant-color: #120e09;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-218030" src="https://investmacro.com/wp-content/uploads/2024/02/Metals-Futures-Large-Speculator-Net-Position-Changes.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/02/Metals-Futures-Large-Speculator-Net-Position-Changes.png 563w, https://investmacro.com/wp-content/uploads/2024/02/Metals-Futures-Large-Speculator-Net-Position-Changes-160×96.png 160w, https://investmacro.com/wp-content/uploads/2024/02/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 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 (21,325 contracts) with Silver (3,689 contracts), Platinum (3,208 contracts) and Palladium (917 contracts) also having positive weeks.</p>
<p>The market leading the declines in speculator bets for the week was Gold (-21,683 contracts) with Steel (-255 contracts) also recording slightly lower bets for the week.</p>
<hr />
<h3>Metals – Speculators Leaderboard</h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/metals_leaders.png"><img data-dominant-color="0d0c0c" data-has-transparency="true" style="–dominant-color: #0d0c0c;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-218013" src="https://investmacro.com/wp-content/uploads/2024/02/metals_leaders.png" alt="" width="567" height="185" srcset="https://investmacro.com/wp-content/uploads/2024/02/metals_leaders.png 567w, https://investmacro.com/wp-content/uploads/2024/02/metals_leaders-160×52.png 160w, https://investmacro.com/wp-content/uploads/2024/02/metals_leaders-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 &amp; Silver</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/Metals-Speculator-Strength-Score-3-YR-Range.png"><img data-dominant-color="172235" data-has-transparency="true" style="–dominant-color: #172235;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-218032" src="https://investmacro.com/wp-content/uploads/2024/02/Metals-Speculator-Strength-Score-3-YR-Range.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/02/Metals-Speculator-Strength-Score-3-YR-Range.png 571w, https://investmacro.com/wp-content/uploads/2024/02/Metals-Speculator-Strength-Score-3-YR-Range-160×95.png 160w, https://investmacro.com/wp-content/uploads/2024/02/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 (88 percent) and Silver (52 percent) lead the metals markets this week.</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). The next lowest strength score was Copper (24 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (43.1 percent) vs Gold previous week (52.8 percent)<br />
Silver (52.1 percent) vs Silver previous week (46.5 percent)<br />
Copper (24.4 percent) vs Copper previous week (5.2 percent)<br />
Platinum (42.2 percent) vs Platinum previous week (34.8 percent)<br />
Palladium (6.2 percent) vs Palladium previous week (0.0 percent)<br />
Steel (88.0 percent) vs Palladium previous week (88.9 percent)</p>
<p>&nbsp;</p>
<h2>Steel &amp; Silver top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/Metals-Speculator-Strength-Trend-6-Weeks.png"><img data-dominant-color="241213" data-has-transparency="true" style="–dominant-color: #241213;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-218033" src="https://investmacro.com/wp-content/uploads/2024/02/Metals-Speculator-Strength-Trend-6-Weeks.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2024/02/Metals-Speculator-Strength-Trend-6-Weeks.png 553w, https://investmacro.com/wp-content/uploads/2024/02/Metals-Speculator-Strength-Trend-6-Weeks-160×98.png 160w, https://investmacro.com/wp-content/uploads/2024/02/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 all the metals markets were in negative 6-week trends. Steel (-9 percent) had the least negative trend score over the past six weeks for metals while Gold (-24 percent) came in as the market with the largest negative trend score.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-24.1 percent) vs Gold previous week (-8.4 percent)<br />
Silver (-12.7 percent) vs Silver previous week (-16.3 percent)<br />
Copper (-12.7 percent) vs Copper previous week (-23.3 percent)<br />
Platinum (-12.6 percent) vs Platinum previous week (1.5 percent)<br />
Palladium (-15.8 percent) vs Palladium previous week (-6.7 percent)<br />
Steel (-8.8 percent) vs Steel previous week (-5.5 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/GC-02-02-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/02/GC-02-02-2024.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 147,791 contracts in the data reported through Tuesday. This was a weekly reduction of -21,683 contracts from the previous week which had a total of 169,474 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 43.1 percent. The commercials are Bullish with a score of 55.7 percent and the small traders (not shown in chart) are Bearish with a score of 44.9 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">50.9</td>
<td width="189">27.3</td>
<td width="187">10.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">16.6</td>
<td width="189">66.9</td>
<td width="187">5.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">147,791</td>
<td width="189">-170,518</td>
<td width="187">22,727</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">219,222</td>
<td width="189">117,525</td>
<td width="187">45,364</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">71,431</td>
<td width="189">288,043</td>
<td width="187">22,637</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">3.1 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">43.1</td>
<td width="189">55.7</td>
<td width="187">44.9</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">-24.1</td>
<td width="189">23.1</td>
<td width="187">-9.1</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/SI-02-02-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/02/SI-02-02-2024.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 21,426 contracts in the data reported through Tuesday. This was a weekly gain of 3,689 contracts from the previous week which had a total of 17,737 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 52.1 percent. The commercials are Bearish with a score of 46.1 percent and the small traders (not shown in chart) are Bullish with a score of 57.4 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">38.7</td>
<td width="189">30.3</td>
<td width="187">22.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">23.0</td>
<td width="189">58.0</td>
<td width="187">10.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">21,426</td>
<td width="189">-37,778</td>
<td width="187">16,352</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">52,778</td>
<td width="189">41,387</td>
<td width="187">30,191</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">31,352</td>
<td width="189">79,165</td>
<td width="187">13,839</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.7 to 1</td>
<td width="189">0.5 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">52.1</td>
<td width="189">46.1</td>
<td width="187">57.4</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">-12.7</td>
<td width="189">13.9</td>
<td width="187">-15.0</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Copper Grade #1 Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/HG-02-02-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/02/HG-02-02-2024.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 -8,598 contracts in the data reported through Tuesday. This was a weekly boost of 21,325 contracts from the previous week which had a total of -29,923 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 24.4 percent. The commercials are Bullish with a score of 77.7 percent and the small traders (not shown in chart) are Bearish with a score of 26.9 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">31.0</td>
<td width="189">39.6</td>
<td width="187">7.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">34.7</td>
<td width="189">36.4</td>
<td width="187">6.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-8,598</td>
<td width="189">7,271</td>
<td width="187">1,327</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">71,100</td>
<td width="189">90,929</td>
<td width="187">17,116</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">79,698</td>
<td width="189">83,658</td>
<td width="187">15,789</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">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">24.4</td>
<td width="189">77.7</td>
<td width="187">26.9</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">-12.7</td>
<td width="189">12.4</td>
<td width="187">-4.8</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/PL-02-02-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/02/PL-02-02-2024.png" alt="Platinum Futures COT Chart" width="720" height="660" /></a>The Platinum Futures large speculator standing this week totaled a net position of 11,549 contracts in the data reported through Tuesday. This was a weekly lift of 3,208 contracts from the previous week which had a total of 8,341 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 42.2 percent. The commercials are Bullish with a score of 58.2 percent and the small traders (not shown in chart) are Bearish with a score of 42.0 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>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">59.0</td>
<td width="189">23.9</td>
<td width="187">12.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">43.4</td>
<td width="189">46.8</td>
<td width="187">4.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">11,549</td>
<td width="189">-17,074</td>
<td width="187">5,525</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">43,818</td>
<td width="189">17,727</td>
<td width="187">8,942</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">32,269</td>
<td width="189">34,801</td>
<td width="187">3,417</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">2.6 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">42.2</td>
<td width="189">58.2</td>
<td width="187">42.0</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">-12.6</td>
<td width="189">9.2</td>
<td width="187">13.0</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/PA-02-02-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/02/PA-02-02-2024.png" alt="Palladium Futures COT Chart" width="720" height="660" /></a>The Palladium Futures large speculator standing this week totaled a net position of -10,700 contracts in the data reported through Tuesday. This was a weekly rise of 917 contracts from the previous week which had a total of -11,617 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-Extreme with a score of 6.2 percent. The commercials are Bullish-Extreme with a score of 92.4 percent and the small traders (not shown in chart) are Bullish with a score of 65.6 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">20.8</td>
<td width="189">53.1</td>
<td width="187">8.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">66.0</td>
<td width="189">9.6</td>
<td width="187">7.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-10,700</td>
<td width="189">10,302</td>
<td width="187">398</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,927</td>
<td width="189">12,574</td>
<td width="187">2,065</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">15,627</td>
<td width="189">2,272</td>
<td width="187">1,667</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">5.5 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">6.2</td>
<td width="189">92.4</td>
<td width="187">65.6</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">-15.8</td>
<td width="189">9.2</td>
<td width="187">55.0</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2024/02/HRC-02-02-2024.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2024/02/HRC-02-02-2024.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week totaled a net position of -2,187 contracts in the data reported through Tuesday. This was a weekly decline of -255 contracts from the previous week which had a total of -1,932 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 88.0 percent. The commercials are Bearish-Extreme with a score of 12.2 percent and the small traders (not shown in chart) are Bullish with a score of 54.8 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">10.6</td>
<td width="189">83.1</td>
<td width="187">1.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">19.5</td>
<td width="189">75.1</td>
<td width="187">1.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-2,187</td>
<td width="189">1,982</td>
<td width="187">205</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">2,612</td>
<td width="189">20,479</td>
<td width="187">440</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">4,799</td>
<td width="189">18,497</td>
<td width="187">235</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.5 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">1.9 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">88.0</td>
<td width="189">12.2</td>
<td width="187">54.8</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">-8.8</td>
<td width="189">9.1</td>
<td width="187">-8.4</td>
</tr>
</tbody>
</table>
<p>&nbsp;</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>