COT Metals Charts: Speculator Bets led by Silver this week

<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/Metals-Open-Interest-Comparison-1.png"><img data-dominant-color="21222b" data-has-transparency="true" style="–dominant-color: #21222b;" fetchpriority="high" decoding="async" class="has-transparency aligncenter size-full wp-image-216664" src="https://investmacro.com/wp-content/uploads/2023/11/Metals-Open-Interest-Comparison-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/11/Metals-Open-Interest-Comparison-1.png 563w, https://investmacro.com/wp-content/uploads/2023/11/Metals-Open-Interest-Comparison-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/11/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 November 14th</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 Silver</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png"><img data-dominant-color="100c06" data-has-transparency="true" style="–dominant-color: #100c06;" decoding="async" class="has-transparency aligncenter size-full wp-image-216663" src="https://investmacro.com/wp-content/uploads/2023/11/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/11/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png 563w, https://investmacro.com/wp-content/uploads/2023/11/Metals-Futures-Large-Speculator-Net-Position-Changes-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/11/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 just one out of the six metals markets we cover had higher positioning while the other five markets had lower speculator contracts.</p>
<p>Leading the way for the metals this week was Silver with a total gain of 4,145 contracts.</p>
<p>The markets with declines in speculator bets for the week were Platinum (-10,954 contracts), Gold (-10,840 contracts), Copper (-6,320 contracts), Steel (-465 contracts) and Palladium (-207 contracts) also registering 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>Nov-14-2023</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>486,634</td>
<td>30</td>
<td>155,376</td>
<td>45</td>
<td>-177,019</td>
<td>56</td>
<td>21,643</td>
<td>38</td>
</tr>
<tr>
<td>Silver</td>
<td>134,826</td>
<td>26</td>
<td>22,398</td>
<td>50</td>
<td>-31,634</td>
<td>56</td>
<td>9,236</td>
<td>18</td>
</tr>
<tr>
<td>Copper</td>
<td>206,072</td>
<td>47</td>
<td>-16,608</td>
<td>16</td>
<td>16,449</td>
<td>85</td>
<td>159</td>
<td>19</td>
</tr>
<tr>
<td>Palladium</td>
<td>27,381</td>
<td>100</td>
<td>-11,230</td>
<td>2</td>
<td>11,283</td>
<td>99</td>
<td>-53</td>
<td>39</td>
</tr>
<tr>
<td>Platinum</td>
<td>85,870</td>
<td>97</td>
<td>-3,996</td>
<td>6</td>
<td>-2,365</td>
<td>89</td>
<td>6,361</td>
<td>53</td>
</tr>
</tbody>
</table>
</div>
<p>&nbsp;</p>
<hr />
<h2>Strength Scores led by Steel &amp; Silver</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/Metals-Speculator-Strength-Score-3-YR-Range-1.png"><img data-dominant-color="151f2f" data-has-transparency="true" style="–dominant-color: #151f2f;" decoding="async" class="has-transparency aligncenter size-full wp-image-216662" src="https://investmacro.com/wp-content/uploads/2023/11/Metals-Speculator-Strength-Score-3-YR-Range-1.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/11/Metals-Speculator-Strength-Score-3-YR-Range-1.png 571w, https://investmacro.com/wp-content/uploads/2023/11/Metals-Speculator-Strength-Score-3-YR-Range-1-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/11/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 (93 percent) leads the metals markets this week. Silver (50 percent) comes in as the next highest in the weekly strength scores.</p>
<p>On the downside, Palladium (2 percent), Platinum (6 percent) and Copper (16 percent) come in at the lowest strength levels this week and are in Extreme-Bearish territory (below 20 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (45.5 percent) vs Gold previous week (50.2 percent)<br />
Silver (50.2 percent) vs Silver previous week (44.3 percent)<br />
Copper (16.5 percent) vs Copper previous week (22.0 percent)<br />
Platinum (6.4 percent) vs Platinum previous week (31.6 percent)<br />
Palladium (1.7 percent) vs Palladium previous week (3.1 percent)<br />
Steel (92.5 percent) vs Palladium previous week (94.4 percent)</p>
<p>&nbsp;</p>
<h2>Gold &amp; Steel top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/Metals-Speculator-Strength-Trend-6-Weeks-1.png"><img data-dominant-color="271414" data-has-transparency="true" style="–dominant-color: #271414;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-216661" src="https://investmacro.com/wp-content/uploads/2023/11/Metals-Speculator-Strength-Trend-6-Weeks-1.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/11/Metals-Speculator-Strength-Trend-6-Weeks-1.png 553w, https://investmacro.com/wp-content/uploads/2023/11/Metals-Speculator-Strength-Trend-6-Weeks-1-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/11/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 Gold (28 percent) and Steel (15 percent) topped the past six weeks trends for the metals category.</p>
<p>Platinum (-15 percent) and Palladium (-10 percent) were the leaders for the downside trend scores on the week.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (28.2 percent) vs Gold previous week (22.2 percent)<br />
Silver (10.1 percent) vs Silver previous week (-2.6 percent)<br />
Copper (4.6 percent) vs Copper previous week (16.0 percent)<br />
Platinum (-15.3 percent) vs Platinum previous week (-0.8 percent)<br />
Palladium (-9.9 percent) vs Palladium previous week (-4.7 percent)<br />
Steel (14.7 percent) vs Steel previous week (19.4 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/GC-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/GC-11-17-2023.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 155,376 contracts in the data reported through Tuesday. This was a weekly decline of -10,840 contracts from the previous week which had a total of 166,216 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 45.5 percent. The commercials are Bullish with a score of 55.6 percent and the small traders (not shown in chart) are Bearish with a score of 37.8 percent.</p>
<h3>Price Trend-Following Model: Strong Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>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">52.3</td>
<td width="189">22.8</td>
<td width="187">9.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">20.3</td>
<td width="189">59.1</td>
<td width="187">4.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">155,376</td>
<td width="189">-177,019</td>
<td width="187">21,643</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">254,352</td>
<td width="189">110,728</td>
<td width="187">45,409</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">98,976</td>
<td width="189">287,747</td>
<td width="187">23,766</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.6 to 1</td>
<td width="189">0.4 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">45.5</td>
<td width="189">55.6</td>
<td width="187">37.8</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">28.2</td>
<td width="189">-25.1</td>
<td width="187">2.5</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/SI-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/SI-11-17-2023.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 22,398 contracts in the data reported through Tuesday. This was a weekly lift of 4,145 contracts from the previous week which had a total of 18,253 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 50.2 percent. The commercials are Bullish with a score of 55.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.5 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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">37.3</td>
<td width="189">33.8</td>
<td width="187">18.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">20.7</td>
<td width="189">57.2</td>
<td width="187">12.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">22,398</td>
<td width="189">-31,634</td>
<td width="187">9,236</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">50,291</td>
<td width="189">45,551</td>
<td width="187">25,379</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">27,893</td>
<td width="189">77,185</td>
<td width="187">16,143</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.8 to 1</td>
<td width="189">0.6 to 1</td>
<td width="187">1.6 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">50.2</td>
<td width="189">55.6</td>
<td width="187">17.5</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>Bullish</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">10.1</td>
<td width="189">-1.5</td>
<td width="187">-32.3</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/2023/11/HG-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/HG-11-17-2023.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 -16,608 contracts in the data reported through Tuesday. This was a weekly lowering of -6,320 contracts from the previous week which had a total of -10,288 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 16.5 percent. The commercials are Bullish-Extreme with a score of 85.3 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 19.5 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">30.1</td>
<td width="189">39.0</td>
<td width="187">7.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">38.1</td>
<td width="189">31.0</td>
<td width="187">7.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-16,608</td>
<td width="189">16,449</td>
<td width="187">159</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">61,976</td>
<td width="189">80,287</td>
<td width="187">15,028</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">78,584</td>
<td width="189">63,838</td>
<td width="187">14,869</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">1.0 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">16.5</td>
<td width="189">85.3</td>
<td width="187">19.5</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">4.6</td>
<td width="189">-2.9</td>
<td width="187">-11.4</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/PL-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/PL-11-17-2023.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 -3,996 contracts in the data reported through Tuesday. This was a weekly lowering of -10,954 contracts from the previous week which had a total of 6,958 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 6.4 percent. The commercials are Bullish-Extreme with a score of 88.6 percent and the small traders (not shown in chart) are Bullish with a score of 53.2 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>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">52.4</td>
<td width="189">29.0</td>
<td width="187">11.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">57.0</td>
<td width="189">31.8</td>
<td width="187">4.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-3,996</td>
<td width="189">-2,365</td>
<td width="187">6,361</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">44,969</td>
<td width="189">24,942</td>
<td width="187">9,842</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">48,965</td>
<td width="189">27,307</td>
<td width="187">3,481</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.9 to 1</td>
<td width="189">0.9 to 1</td>
<td width="187">2.8 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">6.4</td>
<td width="189">88.6</td>
<td width="187">53.2</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">-15.3</td>
<td width="189">10.6</td>
<td width="187">19.5</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/PA-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/PA-11-17-2023.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 -11,230 contracts in the data reported through Tuesday. This was a weekly decrease of -207 contracts from the previous week which had a total of -11,023 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 1.7 percent. The commercials are Bullish-Extreme with a score of 98.9 percent and the small traders (not shown in chart) are Bearish with a score of 38.5 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">49.6</td>
<td width="187">7.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">61.8</td>
<td width="189">8.4</td>
<td width="187">7.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-11,230</td>
<td width="189">11,283</td>
<td width="187">-53</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">5,689</td>
<td width="189">13,583</td>
<td width="187">1,911</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">16,919</td>
<td width="189">2,300</td>
<td width="187">1,964</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">5.9 to 1</td>
<td width="187">1.0 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">1.7</td>
<td width="189">98.9</td>
<td width="187">38.5</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">-9.9</td>
<td width="189">9.0</td>
<td width="187">5.4</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/HRC-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/HRC-11-17-2023.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 -1,768 contracts in the data reported through Tuesday. This was a weekly decrease of -465 contracts from the previous week which had a total of -1,303 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 92.5 percent. The commercials are Bearish-Extreme with a score of 7.6 percent and the small traders (not shown in chart) are Bearish with a score of 47.7 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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">19.0</td>
<td width="189">75.4</td>
<td width="187">2.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">28.8</td>
<td width="189">66.4</td>
<td width="187">1.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-1,768</td>
<td width="189">1,628</td>
<td width="187">140</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">3,446</td>
<td width="189">13,641</td>
<td width="187">400</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">5,214</td>
<td width="189">12,013</td>
<td width="187">260</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">1.5 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">92.5</td>
<td width="189">7.6</td>
<td width="187">47.7</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>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">14.7</td>
<td width="189">-15.7</td>
<td width="187">28.3</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>