COT Metals Charts: Weekly Speculator Bets drop this week led 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/2023/08/Metals-Open-Interest-Comparison.png"><img data-dominant-color="232129" data-has-transparency="true" style="–dominant-color: #232129;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215038" src="https://investmacro.com/wp-content/uploads/2023/08/Metals-Open-Interest-Comparison.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/08/Metals-Open-Interest-Comparison.png 563w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Open-Interest-Comparison-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Open-Interest-Comparison-150×90.png 150w" sizes="(max-width: 563px) 100vw, 563px" /></a></p>
<p>Here are the latest charts and statistics for the <a href="https://www.investmacro.com/cot/">Commitment of Traders (COT)</a> data published by the Commodities Futures Trading Commission (CFTC).</p>
<p>The latest COT data is updated through <b>Tuesday August 8th</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 drop this week led by Gold &amp; Copper</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/Metals-Futures-Large-Speculator-Net-Position-Changes.png"><img data-dominant-color="161008" data-has-transparency="true" style="–dominant-color: #161008;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215037" src="https://investmacro.com/wp-content/uploads/2023/08/Metals-Futures-Large-Speculator-Net-Position-Changes.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/08/Metals-Futures-Large-Speculator-Net-Position-Changes.png 563w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Futures-Large-Speculator-Net-Position-Changes-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Futures-Large-Speculator-Net-Position-Changes-150×90.png 150w" sizes="(max-width: 563px) 100vw, 563px" /></a></p>
<p>The COT <a href="https://investmacro.com/metals/">metals markets</a> speculator bets were lower this week as all of the six markets we follow had lower speculator contracts.</p>
<p>The markets leading the declines in speculator bets for the week were Gold (-21,939 contracts) with Copper (-20,801 contracts), Silver (-17,507 contracts), Platinum (-9,298 contracts), Steel (-1,065 contracts) with Palladium (-895 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>Aug-08-2023</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>427,759</td>
<td>3</td>
<td>142,985</td>
<td>40</td>
<td>-167,554</td>
<td>59</td>
<td>24,569</td>
<td>42</td>
</tr>
<tr>
<td>Silver</td>
<td>137,631</td>
<td>29</td>
<td>13,324</td>
<td>37</td>
<td>-30,349</td>
<td>57</td>
<td>17,025</td>
<td>61</td>
</tr>
<tr>
<td>Copper</td>
<td>228,537</td>
<td>65</td>
<td>-10,057</td>
<td>22</td>
<td>4,908</td>
<td>76</td>
<td>5,149</td>
<td>51</td>
</tr>
<tr>
<td>Palladium</td>
<td>20,470</td>
<td>100</td>
<td>-10,192</td>
<td>0</td>
<td>10,299</td>
<td>100</td>
<td>-107</td>
<td>35</td>
</tr>
<tr>
<td>Platinum</td>
<td>79,989</td>
<td>100</td>
<td>2,992</td>
<td>22</td>
<td>-8,591</td>
<td>76</td>
<td>5,599</td>
<td>43</td>
</tr>
</tbody>
</table>
</div>
<p>&nbsp;</p>
<hr />
<h2>Strength Scores led by Steel &amp; Gold</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Score-3-YR-Range.png"><img data-dominant-color="141d2b" data-has-transparency="true" style="–dominant-color: #141d2b;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215036" src="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Score-3-YR-Range.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Score-3-YR-Range.png 571w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Score-3-YR-Range-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Score-3-YR-Range-150×89.png 150w" sizes="(max-width: 571px) 100vw, 571px" /></a></p>
<p><a href="https://investmacro.com/cot-leaders/#specs">COT Strength Scores</a> (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Steel (64 percent) and Gold (40 percent) lead the metals markets this week. Silver (37 percent) comes in as the next highest in the weekly strength scores.</p>
<p>On the downside, Palladium (0.0 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (40.0 percent) vs Gold previous week (49.7 percent)<br />
Silver (37.3 percent) vs Silver previous week (62.2 percent)<br />
Copper (22.2 percent) vs Copper previous week (40.1 percent)<br />
Platinum (22.5 percent) vs Platinum previous week (43.9 percent)<br />
Palladium (0.0 percent) vs Palladium previous week (6.4 percent)<br />
Steel (64.1 percent) vs Palladium previous week (67.2 percent)</p>
<p>&nbsp;</p>
<h2>Gold &amp; Steel are the least negative in the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Trend-6-Weeks.png"><img data-dominant-color="261414" data-has-transparency="true" style="–dominant-color: #261414;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215035" src="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Trend-6-Weeks.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Trend-6-Weeks.png 553w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Trend-6-Weeks-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Trend-6-Weeks-150×92.png 150w" sizes="(max-width: 553px) 100vw, 553px" /></a></p>
<p><a href="https://investmacro.com/cot-leaders/#specs">COT Strength Score Trends</a> (or move index, calculates the 6-week changes in strength scores) showed that Gold (-4 percent) and Steel (-5 percent) topped the past six weeks trends for metals but were in negative trends.</p>
<p>Platinum (-21 percent) and Palladium (-21 percent) lead and show the most negative trends currently.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-3.9 percent) vs Gold previous week (0.9 percent)<br />
Silver (-8.2 percent) vs Silver previous week (15.4 percent)<br />
Copper (-11.2 percent) vs Copper previous week (7.7 percent)<br />
Platinum (-21.2 percent) vs Platinum previous week (-16.6 percent)<br />
Palladium (-20.6 percent) vs Palladium previous week (-19.1 percent)<br />
Steel (-5.3 percent) vs Steel previous week (-0.6 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/GC-08-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/GC-08-11-2023.png" alt="Gold Futures COT Chart" width="720" height="660" /></a>The Gold Comex Futures large speculator standing this week resulted in a net position of 142,985 contracts in the data reported through Tuesday. This was a weekly decline of -21,939 contracts from the previous week which had a total of 164,924 net contracts.</p>
<p>This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 40.0 percent. The commercials are Bullish with a score of 59.3 percent and the small traders (not shown in chart) are Bearish with a score of 41.5 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>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">53.5</td>
<td width="189">26.6</td>
<td width="187">10.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">20.1</td>
<td width="189">65.8</td>
<td width="187">4.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">142,985</td>
<td width="189">-167,554</td>
<td width="187">24,569</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">228,846</td>
<td width="189">113,890</td>
<td width="187">44,996</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">85,861</td>
<td width="189">281,444</td>
<td width="187">20,427</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.7 to 1</td>
<td width="189">0.4 to 1</td>
<td width="187">2.2 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">40.0</td>
<td width="189">59.3</td>
<td width="187">41.5</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">-3.9</td>
<td width="189">3.0</td>
<td width="187">2.9</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/SI-08-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/SI-08-11-2023.png" alt="Silver Futures COT Chart" width="720" height="660" /></a>The Silver Comex Futures large speculator standing this week resulted in a net position of 13,324 contracts in the data reported through Tuesday. This was a weekly decline of -17,507 contracts from the previous week which had a total of 30,831 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 37.3 percent. The commercials are Bullish with a score of 57.1 percent and the small traders (not shown in chart) are Bullish with a score of 61.1 percent.</p>
<h3>Price Trend-Following Model: Strong Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>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">39.1</td>
<td width="189">30.3</td>
<td width="187">19.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">29.4</td>
<td width="189">52.3</td>
<td width="187">7.5</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">13,324</td>
<td width="189">-30,349</td>
<td width="187">17,025</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">53,781</td>
<td width="189">41,636</td>
<td width="187">27,349</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">40,457</td>
<td width="189">71,985</td>
<td width="187">10,324</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.3 to 1</td>
<td width="189">0.6 to 1</td>
<td width="187">2.6 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">37.3</td>
<td width="189">57.1</td>
<td width="187">61.1</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>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">-8.2</td>
<td width="189">-1.2</td>
<td width="187">37.8</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/2023/08/HG-08-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/HG-08-11-2023.png" alt="Copper Futures COT Chart" width="720" height="660" /></a>The Copper Grade #1 Futures large speculator standing this week resulted in a net position of -10,057 contracts in the data reported through Tuesday. This was a weekly reduction of -20,801 contracts from the previous week which had a total of 10,744 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 22.2 percent. The commercials are Bullish with a score of 75.7 percent and the small traders (not shown in chart) are Bullish with a score of 51.0 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>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">31.2</td>
<td width="189">42.3</td>
<td width="187">7.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">35.6</td>
<td width="189">40.2</td>
<td width="187">5.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-10,057</td>
<td width="189">4,908</td>
<td width="187">5,149</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">71,247</td>
<td width="189">96,728</td>
<td width="187">17,983</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">81,304</td>
<td width="189">91,820</td>
<td width="187">12,834</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.9 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">1.4 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">22.2</td>
<td width="189">75.7</td>
<td width="187">51.0</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>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">-11.2</td>
<td width="189">9.4</td>
<td width="187">10.4</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/PL-08-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/PL-08-11-2023.png" alt="Platinum Futures COT Chart" width="720" height="660" /></a>The Platinum Futures large speculator standing this week resulted in a net position of 2,992 contracts in the data reported through Tuesday. This was a weekly decrease of -9,298 contracts from the previous week which had a total of 12,290 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 22.5 percent. The commercials are Bullish with a score of 75.7 percent and the small traders (not shown in chart) are Bearish with a score of 43.0 percent.</p>
<h3>Price Trend-Following Model: Strong Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>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">52.5</td>
<td width="189">27.4</td>
<td width="187">12.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">48.8</td>
<td width="189">38.1</td>
<td width="187">5.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">2,992</td>
<td width="189">-8,591</td>
<td width="187">5,599</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">42,007</td>
<td width="189">21,899</td>
<td width="187">9,574</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">39,015</td>
<td width="189">30,490</td>
<td width="187">3,975</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.1 to 1</td>
<td width="189">0.7 to 1</td>
<td width="187">2.4 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">22.5</td>
<td width="189">75.7</td>
<td width="187">43.0</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">-21.2</td>
<td width="189">20.8</td>
<td width="187">-11.5</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/PA-08-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/PA-08-11-2023.png" alt="Palladium Futures COT Chart" width="720" height="660" /></a>The Palladium Futures large speculator standing this week resulted in a net position of -10,192 contracts in the data reported through Tuesday. This was a weekly fall of -895 contracts from the previous week which had a total of -9,297 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 35.3 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">20.5</td>
<td width="189">60.2</td>
<td width="187">8.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">70.3</td>
<td width="189">9.8</td>
<td width="187">8.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-10,192</td>
<td width="189">10,299</td>
<td width="187">-107</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,198</td>
<td width="189">12,313</td>
<td width="187">1,659</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">14,390</td>
<td width="189">2,014</td>
<td width="187">1,766</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">6.1 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">0.0</td>
<td width="189">100.0</td>
<td width="187">35.3</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">-20.6</td>
<td width="189">16.7</td>
<td width="187">24.0</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/HRC-08-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/HRC-08-11-2023.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week resulted in a net position of -3,121 contracts in the data reported through Tuesday. This was a weekly reduction of -1,065 contracts from the previous week which had a total of -2,056 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 64.1 percent. The commercials are Bearish with a score of 36.0 percent and the small traders (not shown in chart) are Bearish with a score of 26.2 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>Steel Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">8.5</td>
<td width="189">86.2</td>
<td width="187">1.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">23.5</td>
<td width="189">71.4</td>
<td width="187">0.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-3,121</td>
<td width="189">3,074</td>
<td width="187">47</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">1,780</td>
<td width="189">17,968</td>
<td width="187">227</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">4,901</td>
<td width="189">14,894</td>
<td width="187">180</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.4 to 1</td>
<td width="189">1.2 to 1</td>
<td width="187">1.3 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">64.1</td>
<td width="189">36.0</td>
<td width="187">26.2</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">-5.3</td>
<td width="189">5.4</td>
<td width="187">-1.6</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>