COT Metals Charts: Weekly Speculator Bets led by Copper & Gold

<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.png"><img data-dominant-color="21222b" data-has-transparency="true" style="–dominant-color: #21222b;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215497" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison.png 563w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Open-Interest-Comparison-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/09/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 September 5th</b> and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.</p>
<h2>Weekly Speculator Changes led by Copper &amp; Gold</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes.png"><img data-dominant-color="0e0b06" data-has-transparency="true" style="–dominant-color: #0e0b06;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215496" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes.png 563w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Futures-Large-Speculator-Net-Position-Changes-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/09/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 two out of the six metals markets we cover had higher positioning while the other four markets had lower speculator contracts.</p>
<p>Leading the gains for the metals was with Gold (14,734 contracts) and Copper (9,846 contracts) also showing positive weeks.</p>
<p>The markets with declines in speculator bets for the week were Palladium (-1,045 contracts) with Platinum (-436 contracts), Silver (-329 contracts) and Steel (-320 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-05-2023</th>
<th>OI</th>
<th>OI-Index</th>
<th>Spec-Net</th>
<th>Spec-Index</th>
<th>Com-Net</th>
<th>COM-Index</th>
<th>Smalls-Net</th>
<th>Smalls-Index</th>
</tr>
</thead>
<tbody>
<tr>
<td>Gold</td>
<td>438,672</td>
<td>8</td>
<td>138,006</td>
<td>38</td>
<td>-158,239</td>
<td>63</td>
<td>20,233</td>
<td>31</td>
</tr>
<tr>
<td>Silver</td>
<td>128,279</td>
<td>17</td>
<td>26,804</td>
<td>56</td>
<td>-37,708</td>
<td>48</td>
<td>10,904</td>
<td>27</td>
</tr>
<tr>
<td>Copper</td>
<td>193,597</td>
<td>37</td>
<td>-6,770</td>
<td>25</td>
<td>4,659</td>
<td>75</td>
<td>2,111</td>
<td>32</td>
</tr>
<tr>
<td>Palladium</td>
<td>17,644</td>
<td>80</td>
<td>-11,021</td>
<td>0</td>
<td>10,888</td>
<td>100</td>
<td>133</td>
<td>50</td>
</tr>
<tr>
<td>Platinum</td>
<td>68,721</td>
<td>53</td>
<td>14,602</td>
<td>49</td>
<td>-19,001</td>
<td>54</td>
<td>4,399</td>
<td>27</td>
</tr>
</tbody>
</table>
</div>
<p>&nbsp;</p>
<hr />
<h2>Strength Scores led by Steel &amp; Silver</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range.png"><img data-dominant-color="162031" data-has-transparency="true" style="–dominant-color: #162031;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215495" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range.png 571w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Score-3-YR-Range-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/09/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 (61 percent) and Silver (56 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). The next lowest strength score was Copper (25 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (37.8 percent) vs Gold previous week (31.3 percent)<br />
Silver (56.5 percent) vs Silver previous week (57.0 percent)<br />
Copper (25.0 percent) vs Copper previous week (16.5 percent)<br />
Platinum (49.3 percent) vs Platinum previous week (50.3 percent)<br />
Palladium (0.0 percent) vs Palladium previous week (7.1 percent)<br />
Steel (61.2 percent) vs Palladium previous week (62.2 percent)</p>
<h2>Platinum &amp; Copper top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks.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-215494" src="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks.png 553w, https://investmacro.com/wp-content/uploads/2023/09/Metals-Speculator-Strength-Trend-6-Weeks-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/09/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 Platinum (-2 percent) and Copper (-7 percent) lead the past six weeks trends for metals with the least negative scores.</p>
<p>Palladium (-18 percent), Gold (-16 percent) and Silver (-14 percent) leads the downside trend scores currently.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-15.7 percent) vs Gold previous week (-30.8 percent)<br />
Silver (-14.4 percent) vs Silver previous week (-23.9 percent)<br />
Copper (-6.9 percent) vs Copper previous week (-11.3 percent)<br />
Platinum (-2.0 percent) vs Platinum previous week (-1.6 percent)<br />
Palladium (-17.9 percent) vs Palladium previous week (-11.0 percent)<br />
Steel (-8.0 percent) vs Steel previous week (-11.0 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-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/GC-09-08-2023.png" alt="Gold Futures COT Chart" width="720" height="660" /></a>The Gold Comex Futures large speculator standing this week totaled a net position of 138,006 contracts in the data reported through Tuesday. This was a weekly increase of 14,734 contracts from the previous week which had a total of 123,272 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 37.8 percent. The commercials are Bullish with a score of 62.9 percent and the small traders (not shown in chart) are Bearish with a score of 30.6 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>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">53.8</td>
<td width="189">25.4</td>
<td width="187">10.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">22.3</td>
<td width="189">61.5</td>
<td width="187">5.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">138,006</td>
<td width="189">-158,239</td>
<td width="187">20,233</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">235,802</td>
<td width="189">111,456</td>
<td width="187">45,966</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">97,796</td>
<td width="189">269,695</td>
<td width="187">25,733</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.4 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">37.8</td>
<td width="189">62.9</td>
<td width="187">30.6</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">-15.7</td>
<td width="189">15.4</td>
<td width="187">-10.9</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/SI-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/SI-09-08-2023.png" alt="Silver Futures COT Chart" width="720" height="660" /></a>The Silver Comex Futures large speculator standing this week totaled a net position of 26,804 contracts in the data reported through Tuesday. This was a weekly decline of -329 contracts from the previous week which had a total of 27,133 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 56.5 percent. The commercials are Bearish with a score of 48.2 percent and the small traders (not shown in chart) are Bearish with a score of 26.9 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">44.9</td>
<td width="189">31.2</td>
<td width="187">18.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">24.0</td>
<td width="189">60.6</td>
<td width="187">10.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">26,804</td>
<td width="189">-37,708</td>
<td width="187">10,904</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">57,558</td>
<td width="189">40,052</td>
<td width="187">23,814</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">30,754</td>
<td width="189">77,760</td>
<td width="187">12,910</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.9 to 1</td>
<td width="189">0.5 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">56.5</td>
<td width="189">48.2</td>
<td width="187">26.9</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">-14.4</td>
<td width="189">14.5</td>
<td width="187">-10.6</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/2023/09/HG-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/HG-09-08-2023.png" alt="Copper Futures COT Chart" width="720" height="660" /></a>The Copper Grade #1 Futures large speculator standing this week totaled a net position of -6,770 contracts in the data reported through Tuesday. This was a weekly advance of 9,846 contracts from the previous week which had a total of -16,616 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 25.0 percent. The commercials are Bullish with a score of 75.5 percent and the small traders (not shown in chart) are Bearish with a score of 31.8 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">34.7</td>
<td width="189">40.7</td>
<td width="187">7.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">38.2</td>
<td width="189">38.3</td>
<td width="187">6.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-6,770</td>
<td width="189">4,659</td>
<td width="187">2,111</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">67,118</td>
<td width="189">78,867</td>
<td width="187">14,880</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">73,888</td>
<td width="189">74,208</td>
<td width="187">12,769</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">1.2 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">25.0</td>
<td width="189">75.5</td>
<td width="187">31.8</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">-6.9</td>
<td width="189">7.1</td>
<td width="187">-4.0</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/PL-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/PL-09-08-2023.png" alt="Platinum Futures COT Chart" width="720" height="660" /></a>The Platinum Futures large speculator standing this week totaled a net position of 14,602 contracts in the data reported through Tuesday. This was a weekly decline of -436 contracts from the previous week which had a total of 15,038 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 49.3 percent. The commercials are Bullish with a score of 54.2 percent and the small traders (not shown in chart) are Bearish with a score of 27.1 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">53.8</td>
<td width="189">25.0</td>
<td width="187">11.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">32.6</td>
<td width="189">52.7</td>
<td width="187">4.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">14,602</td>
<td width="189">-19,001</td>
<td width="187">4,399</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">36,991</td>
<td width="189">17,212</td>
<td width="187">7,704</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">22,389</td>
<td width="189">36,213</td>
<td width="187">3,305</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.7 to 1</td>
<td width="189">0.5 to 1</td>
<td width="187">2.3 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">49.3</td>
<td width="189">54.2</td>
<td width="187">27.1</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>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">-2.0</td>
<td width="189">3.0</td>
<td width="187">-7.4</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/PA-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/PA-09-08-2023.png" alt="Palladium Futures COT Chart" width="720" height="660" /></a>The Palladium Futures large speculator standing this week totaled a net position of -11,021 contracts in the data reported through Tuesday. This was a weekly reduction of -1,045 contracts from the previous week which had a total of -9,976 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 49.7 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">22.7</td>
<td width="189">64.0</td>
<td width="187">9.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">85.2</td>
<td width="189">2.3</td>
<td width="187">9.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-11,021</td>
<td width="189">10,888</td>
<td width="187">133</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,008</td>
<td width="189">11,296</td>
<td width="187">1,746</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">15,029</td>
<td width="189">408</td>
<td width="187">1,613</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">27.7 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">0.0</td>
<td width="189">100.0</td>
<td width="187">49.7</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">-17.9</td>
<td width="189">13.0</td>
<td width="187">39.4</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/HRC-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/HRC-09-08-2023.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week totaled a net position of -4,442 contracts in the data reported through Tuesday. This was a weekly reduction of -320 contracts from the previous week which had a total of -4,122 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 61.2 percent. The commercials are Bearish with a score of 38.3 percent and the small traders (not shown in chart) are Bullish with a score of 50.9 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">87.6</td>
<td width="187">3.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">28.6</td>
<td width="189">65.7</td>
<td width="187">1.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-4,442</td>
<td width="189">4,220</td>
<td width="187">222</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">1,058</td>
<td width="189">16,848</td>
<td width="187">587</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">5,500</td>
<td width="189">12,628</td>
<td width="187">365</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.2 to 1</td>
<td width="189">1.3 to 1</td>
<td width="187">1.6 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">61.2</td>
<td width="189">38.3</td>
<td width="187">50.9</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-8.0</td>
<td width="189">7.6</td>
<td width="187">17.0</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>