COT Metals Charts: Speculator Bets led by Copper & Steel
<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/10/Metals-Open-Interest-Comparison.png"><img data-dominant-color="22212a" data-has-transparency="true" style="–dominant-color: #22212a;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-216028" src="https://investmacro.com/wp-content/uploads/2023/10/Metals-Open-Interest-Comparison.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/10/Metals-Open-Interest-Comparison.png 563w, https://investmacro.com/wp-content/uploads/2023/10/Metals-Open-Interest-Comparison-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/10/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 October 3rd</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 & Steel</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/10/Metals-Futures-Large-Speculator-Net-Position-Changes.png"><img data-dominant-color="0f0c07" data-has-transparency="true" style="–dominant-color: #0f0c07;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-216027" src="https://investmacro.com/wp-content/uploads/2023/10/Metals-Futures-Large-Speculator-Net-Position-Changes.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/10/Metals-Futures-Large-Speculator-Net-Position-Changes.png 563w, https://investmacro.com/wp-content/uploads/2023/10/Metals-Futures-Large-Speculator-Net-Position-Changes-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/10/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 mixed this week as three out of the six metals markets we cover had higher positioning while the other three markets had lower speculator contracts.</p>
<p>Leading the gains for the metals was Copper (6,867 contracts) with Steel (732 contracts) and Palladium (584 contracts) also showing positive weeks.</p>
<p>The markets with declines in speculator bets for the week were Gold (-24,589 contracts) with Silver (-4,761 contracts) and Platinum (-4,710 contracts) also having lower bets on the week.</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>Oct-03-2023</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>431,226</td>
<td>4</td>
<td>91,226</td>
<td>17</td>
<td>-111,982</td>
<td>81</td>
<td>20,756</td>
<td>32</td>
</tr>
<tr>
<td>Silver</td>
<td>125,847</td>
<td>14</td>
<td>15,344</td>
<td>40</td>
<td>-30,358</td>
<td>57</td>
<td>15,014</td>
<td>50</td>
</tr>
<tr>
<td>Copper</td>
<td>208,795</td>
<td>49</td>
<td>-21,912</td>
<td>12</td>
<td>19,952</td>
<td>88</td>
<td>1,960</td>
<td>31</td>
</tr>
<tr>
<td>Palladium</td>
<td>18,421</td>
<td>86</td>
<td>-9,718</td>
<td>9</td>
<td>9,861</td>
<td>93</td>
<td>-143</td>
<td>33</td>
</tr>
<tr>
<td>Platinum</td>
<td>81,529</td>
<td>85</td>
<td>2,616</td>
<td>22</td>
<td>-7,514</td>
<td>78</td>
<td>4,898</td>
<td>34</td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<hr />
<h2>Strength Scores led by Steel & Silver</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/10/Metals-Speculator-Strength-Score-3-YR-Range.png"><img data-dominant-color="141b28" data-has-transparency="true" style="–dominant-color: #141b28;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-216029" src="https://investmacro.com/wp-content/uploads/2023/10/Metals-Speculator-Strength-Score-3-YR-Range.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/10/Metals-Speculator-Strength-Score-3-YR-Range.png 571w, https://investmacro.com/wp-content/uploads/2023/10/Metals-Speculator-Strength-Score-3-YR-Range-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/10/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 (65 percent) and Silver (40 percent) lead the metals markets this week.</p>
<p>On the downside, Palladium (9 percent), Copper (12 percent) and Gold (17 percent) come in at the lowest strength levels currently and are all in Extreme-Bearish territory (below 20 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (17.2 percent) vs Gold previous week (28.0 percent)<br />
Silver (40.1 percent) vs Silver previous week (46.9 percent)<br />
Copper (11.9 percent) vs Copper previous week (6.0 percent)<br />
Platinum (21.6 percent) vs Platinum previous week (32.5 percent)<br />
Palladium (8.8 percent) vs Palladium previous week (4.9 percent)<br />
Steel (65.4 percent) vs Palladium previous week (62.9 percent)</p>
<p> </p>
<h2>Silver & Platinum top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/10/Metals-Speculator-Strength-Trend-6-Weeks.png"><img data-dominant-color="1d1313" data-has-transparency="true" style="–dominant-color: #1d1313;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-216030" src="https://investmacro.com/wp-content/uploads/2023/10/Metals-Speculator-Strength-Trend-6-Weeks.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/10/Metals-Speculator-Strength-Trend-6-Weeks.png 553w, https://investmacro.com/wp-content/uploads/2023/10/Metals-Speculator-Strength-Trend-6-Weeks-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/10/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 Silver (4 percent) and Platinum (4 percent) lead the past six weeks trends for metals.</p>
<p>Steel (-6 percent), Gold (-5 percent) and Palladium (-2 percent) lead the downside trend scores currently.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-4.7 percent) vs Gold previous week (-2.3 percent)<br />
Silver (3.5 percent) vs Silver previous week (17.5 percent)<br />
Copper (2.3 percent) vs Copper previous week (-2.7 percent)<br />
Platinum (4.1 percent) vs Platinum previous week (16.9 percent)<br />
Palladium (-2.4 percent) vs Palladium previous week (-6.0 percent)<br />
Steel (-5.8 percent) vs Steel previous week (-8.9 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/10/GC-10-06-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/10/GC-10-06-2023.png" alt="Gold Futures COT Chart" width="720" height="660" /></a>The Gold Comex Futures large speculator standing this week came in at a net position of 91,226 contracts in the data reported through Tuesday. This was a weekly reduction of -24,589 contracts from the previous week which had a total of 115,815 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 17.2 percent. The commercials are Bullish-Extreme with a score of 80.7 percent and the small traders (not shown in chart) are Bearish with a score of 32.0 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>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">53.0</td>
<td width="189">25.7</td>
<td width="187">10.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">31.8</td>
<td width="189">51.6</td>
<td width="187">5.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">91,226</td>
<td width="189">-111,982</td>
<td width="187">20,756</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">228,406</td>
<td width="189">110,666</td>
<td width="187">45,256</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">137,180</td>
<td width="189">222,648</td>
<td width="187">24,500</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">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">17.2</td>
<td width="189">80.7</td>
<td width="187">32.0</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">-4.7</td>
<td width="189">3.5</td>
<td width="187">4.2</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/10/SI-10-06-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/10/SI-10-06-2023.png" alt="Silver Futures COT Chart" width="720" height="660" /></a>The Silver Comex Futures large speculator standing this week came in at a net position of 15,344 contracts in the data reported through Tuesday. This was a weekly decrease of -4,761 contracts from the previous week which had a total of 20,105 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 40.1 percent. The commercials are Bullish with a score of 57.1 percent and the small traders (not shown in chart) are Bearish with a score of 49.9 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>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">40.8</td>
<td width="189">30.0</td>
<td width="187">22.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">28.7</td>
<td width="189">54.1</td>
<td width="187">10.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">15,344</td>
<td width="189">-30,358</td>
<td width="187">15,014</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">51,405</td>
<td width="189">37,769</td>
<td width="187">28,386</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">36,061</td>
<td width="189">68,127</td>
<td width="187">13,372</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.4 to 1</td>
<td width="189">0.6 to 1</td>
<td width="187">2.1 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">40.1</td>
<td width="189">57.1</td>
<td width="187">49.9</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">3.5</td>
<td width="189">-7.9</td>
<td width="187">22.9</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Copper Grade #1 Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/10/HG-10-06-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/10/HG-10-06-2023.png" alt="Copper Futures COT Chart" width="720" height="660" /></a>The Copper Grade #1 Futures large speculator standing this week came in at a net position of -21,912 contracts in the data reported through Tuesday. This was a weekly lift of 6,867 contracts from the previous week which had a total of -28,779 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 11.9 percent. The commercials are Bullish-Extreme with a score of 88.2 percent and the small traders (not shown in chart) are Bearish with a score of 30.8 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>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">33.2</td>
<td width="189">41.1</td>
<td width="187">7.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">43.7</td>
<td width="189">31.5</td>
<td width="187">6.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-21,912</td>
<td width="189">19,952</td>
<td width="187">1,960</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">69,273</td>
<td width="189">85,785</td>
<td width="187">15,950</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">91,185</td>
<td width="189">65,833</td>
<td width="187">13,990</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.8 to 1</td>
<td width="189">1.3 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">11.9</td>
<td width="189">88.2</td>
<td width="187">30.8</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">2.3</td>
<td width="189">-2.1</td>
<td width="187">-1.0</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/10/PL-10-06-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/10/PL-10-06-2023.png" alt="Platinum Futures COT Chart" width="720" height="660" /></a>The Platinum Futures large speculator standing this week came in at a net position of 2,616 contracts in the data reported through Tuesday. This was a weekly lowering of -4,710 contracts from the previous week which had a total of 7,326 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 21.6 percent. The commercials are Bullish with a score of 77.9 percent and the small traders (not shown in chart) are Bearish with a score of 33.7 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>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">55.8</td>
<td width="189">27.5</td>
<td width="187">10.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">52.6</td>
<td width="189">36.8</td>
<td width="187">4.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">2,616</td>
<td width="189">-7,514</td>
<td width="187">4,898</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">45,496</td>
<td width="189">22,452</td>
<td width="187">8,772</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">42,880</td>
<td width="189">29,966</td>
<td width="187">3,874</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.1 to 1</td>
<td width="189">0.7 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">21.6</td>
<td width="189">77.9</td>
<td width="187">33.7</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">4.1</td>
<td width="189">-2.5</td>
<td width="187">-7.7</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/10/PA-10-06-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/10/PA-10-06-2023.png" alt="Palladium Futures COT Chart" width="720" height="660" /></a>The Palladium Futures large speculator standing this week came in at a net position of -9,718 contracts in the data reported through Tuesday. This was a weekly increase of 584 contracts from the previous week which had a total of -10,302 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 8.8 percent. The commercials are Bullish-Extreme with a score of 93.3 percent and the small traders (not shown in chart) are Bearish with a score of 33.1 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">21.8</td>
<td width="189">59.9</td>
<td width="187">8.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">74.5</td>
<td width="189">6.4</td>
<td width="187">9.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-9,718</td>
<td width="189">9,861</td>
<td width="187">-143</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,007</td>
<td width="189">11,038</td>
<td width="187">1,588</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">13,725</td>
<td width="189">1,177</td>
<td width="187">1,731</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">9.4 to 1</td>
<td width="187">0.9 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">8.8</td>
<td width="189">93.3</td>
<td width="187">33.1</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-2.4</td>
<td width="189">1.1</td>
<td width="187">11.5</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/10/HRC-10-06-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/10/HRC-10-06-2023.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week came in at a net position of -5,487 contracts in the data reported through Tuesday. This was a weekly increase of 732 contracts from the previous week which had a total of -6,219 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 65.4 percent. The commercials are Bearish with a score of 35.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 19.4 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>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">8.2</td>
<td width="189">85.9</td>
<td width="187">1.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">37.0</td>
<td width="189">56.4</td>
<td width="187">1.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-5,487</td>
<td width="189">5,606</td>
<td width="187">-119</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">1,560</td>
<td width="189">16,354</td>
<td width="187">214</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">7,047</td>
<td width="189">10,748</td>
<td width="187">333</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.2 to 1</td>
<td width="189">1.5 to 1</td>
<td width="187">0.6 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">65.4</td>
<td width="189">35.4</td>
<td width="187">19.4</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>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">-5.8</td>
<td width="189">5.7</td>
<td width="187">3.2</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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