COT Metals Charts: Speculator Bets led lower by Gold & Copper
<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison-2.png"><img data-dominant-color="22212a" data-has-transparency="true" style="–dominant-color: #22212a;" decoding="async" fetchpriority="high" class="has-transparency aligncenter size-full wp-image-215890" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison-2.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison-2.png 563w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison-2-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison-2-150×90.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 September 26th</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 & Palladium</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png"><img data-dominant-color="100c07" data-has-transparency="true" style="–dominant-color: #100c07;" decoding="async" class="has-transparency aligncenter size-full wp-image-215887" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png 563w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes-2-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes-2-150×90.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 gains for the metals was Silver with a gain of 4,874 contracts.</p>
<p>The markets with declines in speculator bets for the week were Gold (-19,348 contracts), Copper (-12,479 contracts), Platinum (-2,668 contracts), Steel (-1,064 contracts) and Palladium (-72 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>Sep-26-2023</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>435,620</td>
<td>6</td>
<td>115,815</td>
<td>28</td>
<td>-134,836</td>
<td>72</td>
<td>19,021</td>
<td>28</td>
</tr>
<tr>
<td>Silver</td>
<td>126,206</td>
<td>15</td>
<td>20,105</td>
<td>47</td>
<td>-33,080</td>
<td>54</td>
<td>12,975</td>
<td>38</td>
</tr>
<tr>
<td>Copper</td>
<td>216,031</td>
<td>55</td>
<td>-28,779</td>
<td>6</td>
<td>27,192</td>
<td>94</td>
<td>1,587</td>
<td>28</td>
</tr>
<tr>
<td>Palladium</td>
<td>18,004</td>
<td>83</td>
<td>-10,302</td>
<td>5</td>
<td>10,458</td>
<td>97</td>
<td>-156</td>
<td>32</td>
</tr>
<tr>
<td>Platinum</td>
<td>72,957</td>
<td>61</td>
<td>7,326</td>
<td>32</td>
<td>-12,349</td>
<td>68</td>
<td>5,023</td>
<td>35</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/2023/09/Metals-Speculator-Strength-Score-3-YR-Range-2.png"><img data-dominant-color="141c2a" data-has-transparency="true" style="–dominant-color: #141c2a;" decoding="async" class="has-transparency aligncenter size-full wp-image-215889" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range-2.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range-2.png 571w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range-2-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range-2-150×89.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 (60 percent) and Silver (47 percent) lead the metals markets this week.</p>
<p>On the downside, Copper (6 percent) and Palladium (5 percent) come in at the lowest strength level currently and are both in Extreme-Bearish territory (below 20 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (28.0 percent) vs Gold previous week (36.6 percent)<br />
Silver (46.9 percent) vs Silver previous week (40.0 percent)<br />
Copper (6.0 percent) vs Copper previous week (16.8 percent)<br />
Platinum (32.5 percent) vs Platinum previous week (38.6 percent)<br />
Palladium (4.9 percent) vs Palladium previous week (5.4 percent)<br />
Steel (60.1 percent) vs Palladium previous week (63.5 percent)</p>
<p> </p>
<h2>Silver & Platinum top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks-2.png"><img data-dominant-color="211212" data-has-transparency="true" style="–dominant-color: #211212;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215888" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks-2.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks-2.png 553w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks-2-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks-2-150×92.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 (18 percent) and Platinum (17 percent) lead the past six weeks trends for metals.</p>
<p>Steel (-9 percent), Palladium (-6 percent) and Copper (-3 percent) lead the downside trend scores currently.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-2.3 percent) vs Gold previous week (-3.4 percent)<br />
Silver (17.5 percent) vs Silver previous week (2.7 percent)<br />
Copper (-2.7 percent) vs Copper previous week (-5.4 percent)<br />
Platinum (16.9 percent) vs Platinum previous week (16.2 percent)<br />
Palladium (-6.0 percent) vs Palladium previous week (-0.3 percent)<br />
Steel (-8.5 percent) vs Steel previous week (-6.4 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/GC-09-29-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/GC-09-29-2023.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 115,815 contracts in the data reported through Tuesday. This was a weekly fall of -19,348 contracts from the previous week which had a total of 135,163 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 28.0 percent. The commercials are Bullish with a score of 71.9 percent and the small traders (not shown in chart) are Bearish with a score of 27.6 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>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">54.1</td>
<td width="189">25.4</td>
<td width="187">10.4</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">27.5</td>
<td width="189">56.4</td>
<td width="187">6.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">115,815</td>
<td width="189">-134,836</td>
<td width="187">19,021</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">235,560</td>
<td width="189">110,844</td>
<td width="187">45,213</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">119,745</td>
<td width="189">245,680</td>
<td width="187">26,192</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.0 to 1</td>
<td width="189">0.5 to 1</td>
<td width="187">1.7 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">28.0</td>
<td width="189">71.9</td>
<td width="187">27.6</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-2.3</td>
<td width="189">2.7</td>
<td width="187">-4.5</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/SI-09-29-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/SI-09-29-2023.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 20,105 contracts in the data reported through Tuesday. This was a weekly advance of 4,874 contracts from the previous week which had a total of 15,231 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 46.9 percent. The commercials are Bullish with a score of 53.8 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>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">32.0</td>
<td width="187">20.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">24.9</td>
<td width="189">58.2</td>
<td width="187">10.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">20,105</td>
<td width="189">-33,080</td>
<td width="187">12,975</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">51,539</td>
<td width="189">40,346</td>
<td width="187">25,601</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">31,434</td>
<td width="189">73,426</td>
<td width="187">12,626</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.6 to 1</td>
<td width="189">0.5 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">46.9</td>
<td width="189">53.8</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</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">17.5</td>
<td width="189">-11.9</td>
<td width="187">-13.6</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Copper Grade #1 Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/HG-09-29-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/HG-09-29-2023.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 -28,779 contracts in the data reported through Tuesday. This was a weekly lowering of -12,479 contracts from the previous week which had a total of -16,300 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 6.0 percent. The commercials are Bullish-Extreme with a score of 94.1 percent and the small traders (not shown in chart) are Bearish with a score of 28.5 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>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">32.7</td>
<td width="189">40.5</td>
<td width="187">7.4</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">46.0</td>
<td width="189">27.9</td>
<td width="187">6.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-28,779</td>
<td width="189">27,192</td>
<td width="187">1,587</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">70,663</td>
<td width="189">87,518</td>
<td width="187">15,925</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">99,442</td>
<td width="189">60,326</td>
<td width="187">14,338</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.5 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">6.0</td>
<td width="189">94.1</td>
<td width="187">28.5</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">-2.7</td>
<td width="189">5.4</td>
<td width="187">-21.7</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/PL-09-29-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/PL-09-29-2023.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 7,326 contracts in the data reported through Tuesday. This was a weekly fall of -2,668 contracts from the previous week which had a total of 9,994 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 32.5 percent. The commercials are Bullish with a score of 67.9 percent and the small traders (not shown in chart) are Bearish with a score of 35.4 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">55.2</td>
<td width="189">25.3</td>
<td width="187">11.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">45.2</td>
<td width="189">42.2</td>
<td width="187">4.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">7,326</td>
<td width="189">-12,349</td>
<td width="187">5,023</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">40,305</td>
<td width="189">18,443</td>
<td width="187">8,612</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">32,979</td>
<td width="189">30,792</td>
<td width="187">3,589</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.2 to 1</td>
<td width="189">0.6 to 1</td>
<td width="187">2.4 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">32.5</td>
<td width="189">67.9</td>
<td width="187">35.4</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">16.9</td>
<td width="189">-13.4</td>
<td width="187">-11.2</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/PA-09-29-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/PA-09-29-2023.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 -10,302 contracts in the data reported through Tuesday. This was a weekly decrease of -72 contracts from the previous week which had a total of -10,230 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 4.9 percent. The commercials are Bullish-Extreme with a score of 97.2 percent and the small traders (not shown in chart) are Bearish with a score of 32.3 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>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">22.5</td>
<td width="189">63.5</td>
<td width="187">8.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">79.7</td>
<td width="189">5.4</td>
<td width="187">8.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-10,302</td>
<td width="189">10,458</td>
<td width="187">-156</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,043</td>
<td width="189">11,424</td>
<td width="187">1,443</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">14,345</td>
<td width="189">966</td>
<td width="187">1,599</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">11.8 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">4.9</td>
<td width="189">97.2</td>
<td width="187">32.3</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>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">-6.0</td>
<td width="189">4.8</td>
<td width="187">8.6</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/HRC-09-29-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/HRC-09-29-2023.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 -6,219 contracts in the data reported through Tuesday. This was a weekly decline of -1,064 contracts from the previous week which had a total of -5,155 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 60.1 percent. The commercials are Bearish with a score of 41.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 6.0 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">5.7</td>
<td width="189">87.2</td>
<td width="187">0.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">33.3</td>
<td width="189">58.5</td>
<td width="187">1.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-6,219</td>
<td width="189">6,460</td>
<td width="187">-241</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">1,283</td>
<td width="189">19,640</td>
<td width="187">164</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">7,502</td>
<td width="189">13,180</td>
<td width="187">405</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">0.4 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">60.1</td>
<td width="189">41.0</td>
<td width="187">6.0</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">-8.5</td>
<td width="189">9.2</td>
<td width="187">-22.6</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>See our <a href="https://investmacro.com/major-markets-trend-model/" target="_blank" rel="noopener"><b>Weekly Trend Model Readings and Actions</b></a> for each <a href="https://investmacro.com/cot/?swcfpc=1">COT Futures</a> Market and Category. All information contained in this data are for general informational purposes only and do not constitute investment advice.</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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