COT Metals Charts: Weekly Speculator Bets led by 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/2023/07/Metals-Open-Interest-Comparison-3.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-214776" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Open-Interest-Comparison-3.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Open-Interest-Comparison-3.png 563w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Open-Interest-Comparison-3-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Open-Interest-Comparison-3-150×90.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 July 25th</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 Copper</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-4.png"><img data-dominant-color="0f0d09" data-has-transparency="true" style="–dominant-color: #0f0d09;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214773" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-4.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-4.png 563w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-4-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-4-150×90.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 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 just Copper with a weekly rise of 4,709 contracts.</p>
<p>The markets with declines in speculator bets for the week were Gold (-19,709 contracts), Silver (-6,937 contracts), Steel (-1,356 contracts), Platinum (-249 contracts) and Palladium (-27 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>Jul-25-2023</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>476,176</td>
<td>25</td>
<td>173,639</td>
<td>53</td>
<td>-198,210</td>
<td>47</td>
<td>24,571</td>
<td>42</td>
</tr>
<tr>
<td>Silver</td>
<td>146,898</td>
<td>36</td>
<td>36,925</td>
<td>71</td>
<td>-49,718</td>
<td>34</td>
<td>12,793</td>
<td>37</td>
</tr>
<tr>
<td>Copper</td>
<td>234,713</td>
<td>70</td>
<td>1,159</td>
<td>32</td>
<td>-3,904</td>
<td>68</td>
<td>2,745</td>
<td>36</td>
</tr>
<tr>
<td>Palladium</td>
<td>16,760</td>
<td>100</td>
<td>-8,377</td>
<td>0</td>
<td>8,899</td>
<td>100</td>
<td>-522</td>
<td>10</td>
</tr>
<tr>
<td>Platinum</td>
<td>64,197</td>
<td>48</td>
<td>15,487</td>
<td>51</td>
<td>-20,441</td>
<td>51</td>
<td>4,954</td>
<td>34</td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<hr />
<h2>Strength Scores led by Silver & Steel</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range-3.png"><img data-dominant-color="182438" data-has-transparency="true" style="–dominant-color: #182438;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214774" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range-3.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range-3.png 571w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range-3-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range-3-150×89.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 Silver (71 percent) and Steel (68 percent) lead the metals markets this week.</p>
<p>On the downside, Palladium (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 (53.5 percent) vs Gold previous week (62.2 percent)<br />
Silver (70.9 percent) vs Silver previous week (80.8 percent)<br />
Copper (31.8 percent) vs Copper previous week (27.8 percent)<br />
Platinum (51.3 percent) vs Platinum previous week (51.9 percent)<br />
Palladium (0.0 percent) vs Palladium previous week (0.2 percent)<br />
Steel (68.2 percent) vs Palladium previous week (72.1 percent)</p>
<h2>Silver & Copper top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks-3.png"><img data-dominant-color="241414" data-has-transparency="true" style="–dominant-color: #241414;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214775" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks-3.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks-3.png 553w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks-3-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks-3-150×92.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 (19 percent) and Copper (12 percent) lead the past six weeks trends for metals.</p>
<p>Platinum (-15 percent) leads the downside trend scores currently with Palladium (-10 percent) as the next market with lower trend scores.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (5.9 percent) vs Gold previous week (7.8 percent)<br />
Silver (18.8 percent) vs Silver previous week (31.9 percent)<br />
Copper (12.2 percent) vs Copper previous week (19.4 percent)<br />
Platinum (-15.0 percent) vs Platinum previous week (-20.5 percent)<br />
Palladium (-10.2 percent) vs Palladium previous week (-14.4 percent)<br />
Steel (0.9 percent) vs Steel previous week (6.8 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/GC-07-28-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/GC-07-28-2023.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 173,639 contracts in the data reported through Tuesday. This was a weekly fall of -19,709 contracts from the previous week which had a total of 193,348 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 53.5 percent. The commercials are Bearish with a score of 47.4 percent and the small traders (not shown in chart) are Bearish with a score of 41.5 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Gold Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">52.1</td>
<td width="189">26.4</td>
<td width="187">9.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">15.7</td>
<td width="189">68.0</td>
<td width="187">4.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">173,639</td>
<td width="189">-198,210</td>
<td width="187">24,571</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">248,229</td>
<td width="189">125,491</td>
<td width="187">47,300</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">74,590</td>
<td width="189">323,701</td>
<td width="187">22,729</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">3.3 to 1</td>
<td width="189">0.4 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">53.5</td>
<td width="189">47.4</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>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">5.9</td>
<td width="189">-4.7</td>
<td width="187">-3.2</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/SI-07-28-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/SI-07-28-2023.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 36,925 contracts in the data reported through Tuesday. This was a weekly decrease of -6,937 contracts from the previous week which had a total of 43,862 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 70.9 percent. The commercials are Bearish with a score of 33.7 percent and the small traders (not shown in chart) are Bearish with a score of 37.5 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>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">49.5</td>
<td width="189">26.7</td>
<td width="187">16.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">24.4</td>
<td width="189">60.5</td>
<td width="187">8.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">36,925</td>
<td width="189">-49,718</td>
<td width="187">12,793</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">72,786</td>
<td width="189">39,197</td>
<td width="187">24,478</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">35,861</td>
<td width="189">88,915</td>
<td width="187">11,685</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.0 to 1</td>
<td width="189">0.4 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">70.9</td>
<td width="189">33.7</td>
<td width="187">37.5</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>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">18.8</td>
<td width="189">-13.6</td>
<td width="187">-10.9</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Copper Grade #1 Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/HG-07-28-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/HG-07-28-2023.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 1,159 contracts in the data reported through Tuesday. This was a weekly gain of 4,709 contracts from the previous week which had a total of -3,550 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 31.8 percent. The commercials are Bullish with a score of 68.4 percent and the small traders (not shown in chart) are Bearish with a score of 35.8 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">31.4</td>
<td width="189">40.5</td>
<td width="187">6.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">30.9</td>
<td width="189">42.2</td>
<td width="187">5.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">1,159</td>
<td width="189">-3,904</td>
<td width="187">2,745</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">73,743</td>
<td width="189">95,140</td>
<td width="187">16,173</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">72,584</td>
<td width="189">99,044</td>
<td width="187">13,428</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">1.2 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">31.8</td>
<td width="189">68.4</td>
<td width="187">35.8</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">12.2</td>
<td width="189">-13.7</td>
<td width="187">15.8</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/PL-07-28-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/PL-07-28-2023.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 15,487 contracts in the data reported through Tuesday. This was a weekly lowering of -249 contracts from the previous week which had a total of 15,736 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 51.3 percent. The commercials are Bullish with a score of 51.2 percent and the small traders (not shown in chart) are Bearish with a score of 34.5 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>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">56.8</td>
<td width="189">25.7</td>
<td width="187">12.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">32.7</td>
<td width="189">57.6</td>
<td width="187">4.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">15,487</td>
<td width="189">-20,441</td>
<td width="187">4,954</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">36,489</td>
<td width="189">16,506</td>
<td width="187">7,742</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">21,002</td>
<td width="189">36,947</td>
<td width="187">2,788</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.7 to 1</td>
<td width="189">0.4 to 1</td>
<td width="187">2.8 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">51.3</td>
<td width="189">51.2</td>
<td width="187">34.5</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-15.0</td>
<td width="189">14.2</td>
<td width="187">-4.8</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/PA-07-28-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/PA-07-28-2023.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 -8,377 contracts in the data reported through Tuesday. This was a weekly reduction of -27 contracts from the previous week which had a total of -8,350 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-Extreme with a score of 10.3 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>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">22.4</td>
<td width="189">61.7</td>
<td width="187">8.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">72.4</td>
<td width="189">8.6</td>
<td width="187">11.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-8,377</td>
<td width="189">8,899</td>
<td width="187">-522</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">3,752</td>
<td width="189">10,346</td>
<td width="187">1,417</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">12,129</td>
<td width="189">1,447</td>
<td width="187">1,939</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">7.1 to 1</td>
<td width="187">0.7 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">0.0</td>
<td width="189">100.0</td>
<td width="187">10.3</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-Extreme</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-10.2</td>
<td width="189">9.3</td>
<td width="187">-0.4</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/HRC-07-28-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/HRC-07-28-2023.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week came in at a net position of -1,726 contracts in the data reported through Tuesday. This was a weekly decline of -1,356 contracts from the previous week which had a total of -370 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 68.2 percent. The commercials are Bearish with a score of 31.8 percent and the small traders (not shown in chart) are Bearish with a score of 31.1 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>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">13.3</td>
<td width="189">79.2</td>
<td width="187">1.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">20.3</td>
<td width="189">72.5</td>
<td width="187">0.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-1,726</td>
<td width="189">1,641</td>
<td width="187">85</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">3,242</td>
<td width="189">19,348</td>
<td width="187">276</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">4,968</td>
<td width="189">17,707</td>
<td width="187">191</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">1.4 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">68.2</td>
<td width="189">31.8</td>
<td width="187">31.1</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">0.9</td>
<td width="189">-0.9</td>
<td width="187">1.4</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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