COT Metals Charts: Speculator Bets led higher by Gold & 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/2023/12/Metals-Open-Interest-Comparison-1.png"><img data-dominant-color="20222d" data-has-transparency="true" style="–dominant-color: #20222d;" fetchpriority="high" decoding="async" class="has-transparency aligncenter size-full wp-image-217023" src="https://investmacro.com/wp-content/uploads/2023/12/Metals-Open-Interest-Comparison-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/12/Metals-Open-Interest-Comparison-1.png 563w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Open-Interest-Comparison-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/12/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 December 5th</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 Gold & Silver</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png"><img data-dominant-color="0d0b07" data-has-transparency="true" style="–dominant-color: #0d0b07;" decoding="async" class="has-transparency aligncenter size-full wp-image-217020" src="https://investmacro.com/wp-content/uploads/2023/12/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/12/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png 563w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Futures-Large-Speculator-Net-Position-Changes-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/12/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 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 Gold (3,460 contracts) with Silver (2,023 contracts), Copper (1,878 contracts) and Steel (66 contracts) also recording positive weeks.</p>
<p>The markets with declines in speculator bets for the week were Platinum (-4,901 contracts) with Palladium (-1,081 contracts) also seeing 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>Dec-05-2023</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>487,469</td>
<td>30</td>
<td>203,544</td>
<td>67</td>
<td>-226,945</td>
<td>36</td>
<td>23,401</td>
<td>43</td>
</tr>
<tr>
<td>Silver</td>
<td>139,753</td>
<td>32</td>
<td>36,303</td>
<td>70</td>
<td>-52,014</td>
<td>31</td>
<td>15,711</td>
<td>54</td>
</tr>
<tr>
<td>Copper</td>
<td>176,373</td>
<td>24</td>
<td>-1,994</td>
<td>30</td>
<td>2,139</td>
<td>73</td>
<td>-145</td>
<td>18</td>
</tr>
<tr>
<td>Palladium</td>
<td>21,271</td>
<td>72</td>
<td>-11,252</td>
<td>2</td>
<td>11,277</td>
<td>99</td>
<td>-25</td>
<td>40</td>
</tr>
<tr>
<td>Platinum</td>
<td>75,508</td>
<td>67</td>
<td>5,133</td>
<td>27</td>
<td>-9,183</td>
<td>74</td>
<td>4,050</td>
<td>22</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/2023/12/Metals-Speculator-Strength-Score-3-YR-Range-1.png"><img data-dominant-color="18253b" data-has-transparency="true" style="–dominant-color: #18253b;" decoding="async" class="has-transparency aligncenter size-full wp-image-217022" src="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Score-3-YR-Range-1.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Score-3-YR-Range-1.png 571w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Score-3-YR-Range-1-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/12/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 (99 percent) and Silver (70 percent) lead the metals markets this week. comes in as the next highest in the weekly strength scores.</p>
<p>On the downside, Palladium (2 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent). The next lowest strength scores were Platinum (27 percent) and Copper (30 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (66.7 percent) vs Gold previous week (65.1 percent)<br />
Silver (70.1 percent) vs Silver previous week (67.2 percent)<br />
Copper (30.3 percent) vs Copper previous week (28.6 percent)<br />
Platinum (27.4 percent) vs Platinum previous week (38.7 percent)<br />
Palladium (1.6 percent) vs Palladium previous week (8.7 percent)<br />
Steel (98.8 percent) vs Palladium previous week (98.6 percent)</p>
<p align="center">
<h2>Gold & Steel top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Trend-6-Weeks-1.png"><img data-dominant-color="231111" data-has-transparency="true" style="–dominant-color: #231111;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217021" src="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Trend-6-Weeks-1.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Trend-6-Weeks-1.png 553w, https://investmacro.com/wp-content/uploads/2023/12/Metals-Speculator-Strength-Trend-6-Weeks-1-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/12/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 (24 percent) and Steel (21 percent) lead the past six weeks trends for metals.</p>
<p>Palladium (-0.1 percent) leads the downside trend scores currently with Palladium (0 percent) as the next market with lower trend scores.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (23.8 percent) vs Gold previous week (38.4 percent)<br />
Silver (17.1 percent) vs Silver previous week (20.7 percent)<br />
Copper (16.9 percent) vs Copper previous week (19.8 percent)<br />
Platinum (13.0 percent) vs Platinum previous week (22.4 percent)<br />
Palladium (-0.1 percent) vs Palladium previous week (8.7 percent)<br />
Steel (20.9 percent) vs Steel previous week (21.8 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/GC-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/GC-12-08-2023.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 203,544 contracts in the data reported through Tuesday. This was a weekly gain of 3,460 contracts from the previous week which had a total of 200,084 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 66.7 percent. The commercials are Bearish with a score of 36.3 percent and the small traders (not shown in chart) are Bearish with a score of 42.6 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">59.3</td>
<td width="189">21.2</td>
<td width="187">9.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">17.5</td>
<td width="189">67.7</td>
<td width="187">4.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">203,544</td>
<td width="189">-226,945</td>
<td width="187">23,401</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">288,840</td>
<td width="189">103,193</td>
<td width="187">47,483</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">85,296</td>
<td width="189">330,138</td>
<td width="187">24,082</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">3.4 to 1</td>
<td width="189">0.3 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">66.7</td>
<td width="189">36.3</td>
<td width="187">42.6</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">23.8</td>
<td width="189">-23.6</td>
<td width="187">19.2</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/SI-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/SI-12-08-2023.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 36,303 contracts in the data reported through Tuesday. This was a weekly lift of 2,023 contracts from the previous week which had a total of 34,280 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 70.1 percent. The commercials are Bearish with a score of 30.9 percent and the small traders (not shown in chart) are Bullish with a score of 53.8 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>New Buy – 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">45.3</td>
<td width="189">29.3</td>
<td width="187">18.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">19.3</td>
<td width="189">66.5</td>
<td width="187">7.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">36,303</td>
<td width="189">-52,014</td>
<td width="187">15,711</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">63,241</td>
<td width="189">40,974</td>
<td width="187">26,387</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">26,938</td>
<td width="189">92,988</td>
<td width="187">10,676</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.3 to 1</td>
<td width="189">0.4 to 1</td>
<td width="187">2.5 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">70.1</td>
<td width="189">30.9</td>
<td width="187">53.8</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">17.1</td>
<td width="189">-21.1</td>
<td width="187">30.6</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Copper Grade #1 Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/HG-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/HG-12-08-2023.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 -1,994 contracts in the data reported through Tuesday. This was a weekly rise of 1,878 contracts from the previous week which had a total of -3,872 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 30.3 percent. The commercials are Bullish with a score of 73.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.6 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend (Possible Trend Change)</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>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">35.6</td>
<td width="189">39.3</td>
<td width="187">7.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">36.7</td>
<td width="189">38.1</td>
<td width="187">7.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-1,994</td>
<td width="189">2,139</td>
<td width="187">-145</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">62,780</td>
<td width="189">69,402</td>
<td width="187">13,390</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">64,774</td>
<td width="189">67,263</td>
<td width="187">13,535</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.0 to 1</td>
<td width="189">1.0 to 1</td>
<td width="187">1.0 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">30.3</td>
<td width="189">73.4</td>
<td width="187">17.6</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-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">16.9</td>
<td width="189">-15.9</td>
<td width="187">3.1</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/PL-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/PL-12-08-2023.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 5,133 contracts in the data reported through Tuesday. This was a weekly lowering of -4,901 contracts from the previous week which had a total of 10,034 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 27.4 percent. The commercials are Bullish with a score of 74.5 percent and the small traders (not shown in chart) are Bearish with a score of 22.4 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>Platinum Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">49.5</td>
<td width="189">29.7</td>
<td width="187">10.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">42.7</td>
<td width="189">41.9</td>
<td width="187">4.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">5,133</td>
<td width="189">-9,183</td>
<td width="187">4,050</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">37,395</td>
<td width="189">22,448</td>
<td width="187">7,743</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">32,262</td>
<td width="189">31,631</td>
<td width="187">3,693</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.2 to 1</td>
<td width="189">0.7 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">27.4</td>
<td width="189">74.5</td>
<td width="187">22.4</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">13.0</td>
<td width="189">-9.0</td>
<td width="187">-16.8</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/PA-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/PA-12-08-2023.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 -11,252 contracts in the data reported through Tuesday. This was a weekly decrease of -1,081 contracts from the previous week which had a total of -10,171 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 1.6 percent. The commercials are Bullish-Extreme with a score of 98.8 percent and the small traders (not shown in chart) are Bearish with a score of 40.2 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">23.1</td>
<td width="189">60.2</td>
<td width="187">8.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">76.0</td>
<td width="189">7.2</td>
<td width="187">8.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-11,252</td>
<td width="189">11,277</td>
<td width="187">-25</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,920</td>
<td width="189">12,814</td>
<td width="187">1,859</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">16,172</td>
<td width="189">1,537</td>
<td width="187">1,884</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">8.3 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">1.6</td>
<td width="189">98.8</td>
<td width="187">40.2</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>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">-0.1</td>
<td width="189">1.2</td>
<td width="187">-10.8</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/HRC-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/HRC-12-08-2023.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 -167 contracts in the data reported through Tuesday. This was a weekly gain of 66 contracts from the previous week which had a total of -233 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 98.8 percent. The commercials are Bearish-Extreme with a score of 0.2 percent and the small traders (not shown in chart) are Bullish with a score of 77.0 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>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">25.5</td>
<td width="189">68.2</td>
<td width="187">2.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">26.4</td>
<td width="189">69.5</td>
<td width="187">0.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-167</td>
<td width="189">-241</td>
<td width="187">408</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,707</td>
<td width="189">12,586</td>
<td width="187">543</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">4,874</td>
<td width="189">12,827</td>
<td width="187">135</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.0 to 1</td>
<td width="189">1.0 to 1</td>
<td width="187">4.0 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">98.8</td>
<td width="189">0.2</td>
<td width="187">77.0</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">20.9</td>
<td width="189">-22.9</td>
<td width="187">55.8</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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