COT Metals Charts: Speculator Bets led lower by Gold, Silver & Platinum
<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-1.png"><img data-dominant-color="22222b" data-has-transparency="true" style="–dominant-color: #22222b;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215635" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison-1.png 563w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/09/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 September 12th</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 Bets led lower by Gold, Silver & Platinum</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes-1.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-215637" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png 563w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/09/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 overall 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 Palladium (309 contracts) with also showing positive weeks.</p>
<p>The markets with declines in speculator bets for the week were Gold (-14,142 contracts) with Silver (-8,771 contracts), Platinum (-7,881 contracts), Copper (-5,564 contracts) and Steel (-588 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-12-2023</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>441,221</td>
<td>9</td>
<td>123,864</td>
<td>32</td>
<td>-144,810</td>
<td>68</td>
<td>20,946</td>
<td>32</td>
</tr>
<tr>
<td>Silver</td>
<td>125,292</td>
<td>14</td>
<td>18,033</td>
<td>44</td>
<td>-32,040</td>
<td>55</td>
<td>14,007</td>
<td>44</td>
</tr>
<tr>
<td>Copper</td>
<td>196,198</td>
<td>39</td>
<td>-12,334</td>
<td>20</td>
<td>9,886</td>
<td>80</td>
<td>2,448</td>
<td>34</td>
</tr>
<tr>
<td>Palladium</td>
<td>17,838</td>
<td>82</td>
<td>-10,712</td>
<td>2</td>
<td>10,761</td>
<td>99</td>
<td>-49</td>
<td>39</td>
</tr>
<tr>
<td>Platinum</td>
<td>87,021</td>
<td>100</td>
<td>6,721</td>
<td>31</td>
<td>-12,396</td>
<td>68</td>
<td>5,675</td>
<td>44</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-1.png"><img data-dominant-color="141d2c" data-has-transparency="true" style="–dominant-color: #141d2c;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215638" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range-1.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range-1.png 571w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range-1-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/09/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 (61 percent) and Silver (44 percent) lead the metals markets this week. Palladium (2 percent) comes in as the next highest in the weekly strength scores.</p>
<p>On the downside, Copper (20 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent). The next lowest strength score was Platinum (31 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (31.6 percent) vs Gold previous week (37.8 percent)<br />
Silver (44.0 percent) vs Silver previous week (56.5 percent)<br />
Copper (20.2 percent) vs Copper previous week (25.0 percent)<br />
Platinum (31.1 percent) vs Platinum previous week (49.3 percent)<br />
Palladium (2.1 percent) vs Palladium previous week (0.0 percent)<br />
Steel (60.6 percent) vs Palladium previous week (62.3 percent)</p>
<h2>Steel & Palladium top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks-1.png"><img data-dominant-color="281112" data-has-transparency="true" style="–dominant-color: #281112;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215636" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks-1.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks-1.png 553w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks-1-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/09/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 Steel (-9 percent) and Palladium (-10 percent) lead the past six weeks trends for metals. Silver (-18 percent) is the next highest positive mover in the latest trends data.</p>
<p>Gold (-18 percent) leads the downside trend scores currently with Copper (-20 percent) as the next market with lower trend scores.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-18.1 percent) vs Gold previous week (-15.7 percent)<br />
Silver (-18.3 percent) vs Silver previous week (-14.4 percent)<br />
Copper (-19.9 percent) vs Copper previous week (-6.9 percent)<br />
Platinum (-12.9 percent) vs Platinum previous week (-2.0 percent)<br />
Palladium (-9.6 percent) vs Palladium previous week (-17.9 percent)<br />
Steel (-8.9 percent) vs Steel previous week (-8.1 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-09-15-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/GC-09-15-2023.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 123,864 contracts in the data reported through Tuesday. This was a weekly lowering of -14,142 contracts from the previous week which had a total of 138,006 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 31.6 percent. The commercials are Bullish with a score of 68.1 percent and the small traders (not shown in chart) are Bearish with a score of 32.4 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>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">53.4</td>
<td width="189">25.6</td>
<td width="187">10.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">25.3</td>
<td width="189">58.4</td>
<td width="187">5.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">123,864</td>
<td width="189">-144,810</td>
<td width="187">20,946</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">235,704</td>
<td width="189">113,062</td>
<td width="187">46,740</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">111,840</td>
<td width="189">257,872</td>
<td width="187">25,794</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.1 to 1</td>
<td width="189">0.4 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">31.6</td>
<td width="189">68.1</td>
<td width="187">32.4</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">-18.1</td>
<td width="189">16.2</td>
<td width="187">-2.5</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-09-15-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/SI-09-15-2023.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 18,033 contracts in the data reported through Tuesday. This was a weekly reduction of -8,771 contracts from the previous week which had a total of 26,804 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 44.0 percent. The commercials are Bullish with a score of 55.1 percent and the small traders (not shown in chart) are Bearish with a score of 44.3 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">42.3</td>
<td width="189">31.9</td>
<td width="187">21.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">27.9</td>
<td width="189">57.5</td>
<td width="187">9.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">18,033</td>
<td width="189">-32,040</td>
<td width="187">14,007</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">52,963</td>
<td width="189">40,030</td>
<td width="187">26,427</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">34,930</td>
<td width="189">72,070</td>
<td width="187">12,420</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.5 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">44.0</td>
<td width="189">55.1</td>
<td width="187">44.3</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">-18.3</td>
<td width="189">14.5</td>
<td width="187">4.6</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-09-15-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/HG-09-15-2023.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 -12,334 contracts in the data reported through Tuesday. This was a weekly reduction of -5,564 contracts from the previous week which had a total of -6,770 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 20.2 percent. The commercials are Bullish with a score of 79.8 percent and the small traders (not shown in chart) are Bearish with a score of 33.9 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>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">34.3</td>
<td width="189">39.0</td>
<td width="187">8.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">40.6</td>
<td width="189">34.0</td>
<td width="187">6.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-12,334</td>
<td width="189">9,886</td>
<td width="187">2,448</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">67,333</td>
<td width="189">76,561</td>
<td width="187">16,045</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">79,667</td>
<td width="189">66,675</td>
<td width="187">13,597</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.8 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">1.2 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">20.2</td>
<td width="189">79.8</td>
<td width="187">33.9</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">-19.9</td>
<td width="189">23.2</td>
<td width="187">-31.3</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-09-15-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/PL-09-15-2023.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 6,721 contracts in the data reported through Tuesday. This was a weekly decline of -7,881 contracts from the previous week which had a total of 14,602 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 31.1 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 44.0 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>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">50.1</td>
<td width="189">23.0</td>
<td width="187">10.4</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">42.4</td>
<td width="189">37.2</td>
<td width="187">3.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">6,721</td>
<td width="189">-12,396</td>
<td width="187">5,675</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">43,619</td>
<td width="189">19,999</td>
<td width="187">9,083</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">36,898</td>
<td width="189">32,395</td>
<td width="187">3,408</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">2.7 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">31.1</td>
<td width="189">67.9</td>
<td width="187">44.0</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-12.9</td>
<td width="189">10.5</td>
<td width="187">6.7</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-09-15-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/PA-09-15-2023.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 -10,712 contracts in the data reported through Tuesday. This was a weekly gain of 309 contracts from the previous week which had a total of -11,021 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 2.1 percent. The commercials are Bullish-Extreme with a score of 99.2 percent and the small traders (not shown in chart) are Bearish with a score of 38.8 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">25.0</td>
<td width="189">62.9</td>
<td width="187">9.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">85.0</td>
<td width="189">2.6</td>
<td width="187">9.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-10,712</td>
<td width="189">10,761</td>
<td width="187">-49</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,452</td>
<td width="189">11,217</td>
<td width="187">1,627</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">15,164</td>
<td width="189">456</td>
<td width="187">1,676</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">24.6 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">2.1</td>
<td width="189">99.2</td>
<td width="187">38.8</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">-9.6</td>
<td width="189">7.9</td>
<td width="187">12.6</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-09-15-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/HRC-09-15-2023.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 -5,030 contracts in the data reported through Tuesday. This was a weekly decrease of -588 contracts from the previous week which had a total of -4,442 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 60.6 percent. The commercials are Bearish with a score of 40.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 4.6 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">5.5</td>
<td width="189">88.0</td>
<td width="187">1.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">29.6</td>
<td width="189">63.2</td>
<td width="187">1.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-5,030</td>
<td width="189">5,182</td>
<td width="187">-152</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">1,154</td>
<td width="189">18,389</td>
<td width="187">215</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">6,184</td>
<td width="189">13,207</td>
<td width="187">367</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.2 to 1</td>
<td width="189">1.4 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">60.6</td>
<td width="189">40.0</td>
<td width="187">4.6</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-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">-8.9</td>
<td width="189">9.5</td>
<td width="187">-22.9</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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