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

<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/Metals-Open-Interest-Comparison-1.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-215190" src="https://investmacro.com/wp-content/uploads/2023/08/Metals-Open-Interest-Comparison-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/08/Metals-Open-Interest-Comparison-1.png 563w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Open-Interest-Comparison-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/08/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 August 15th</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 lower by Gold &amp; Copper</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png"><img data-dominant-color="120e08" data-has-transparency="true" style="–dominant-color: #120e08;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215189" src="https://investmacro.com/wp-content/uploads/2023/08/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/08/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png 563w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Futures-Large-Speculator-Net-Position-Changes-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/08/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 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 with a weekly rise of 769 contracts.</p>
<p>The markets with declines in speculator bets for the week were Gold (-21,849 contracts) with Copper (-15,641 contracts), Silver (-5,463 contracts), Platinum (-2,991 contracts) and Steel (-403 contracts) also recording 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-15-2023</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>433,611</td>
<td>5</td>
<td>121,136</td>
<td>30</td>
<td>-141,930</td>
<td>69</td>
<td>20,794</td>
<td>32</td>
</tr>
<tr>
<td>Silver</td>
<td>138,215</td>
<td>30</td>
<td>7,861</td>
<td>29</td>
<td>-23,264</td>
<td>66</td>
<td>15,403</td>
<td>52</td>
</tr>
<tr>
<td>Copper</td>
<td>224,215</td>
<td>62</td>
<td>-25,698</td>
<td>9</td>
<td>20,665</td>
<td>89</td>
<td>5,033</td>
<td>50</td>
</tr>
<tr>
<td>Palladium</td>
<td>20,511</td>
<td>100</td>
<td>-9,423</td>
<td>6</td>
<td>9,722</td>
<td>96</td>
<td>-299</td>
<td>24</td>
</tr>
<tr>
<td>Platinum</td>
<td>84,557</td>
<td>100</td>
<td>1</td>
<td>16</td>
<td>-5,866</td>
<td>81</td>
<td>5,865</td>
<td>47</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-1.png"><img data-dominant-color="131a26" data-has-transparency="true" style="–dominant-color: #131a26;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215188" src="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Score-3-YR-Range-1.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Score-3-YR-Range-1.png 571w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Score-3-YR-Range-1-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/08/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 (63 percent) and Gold (30 percent) lead the metals markets this week.  comes in as the next highest in the weekly strength scores.</p>
<p>On the downside, Palladium (6 percent), Copper (9 percent) and Platinum (16 percent) come in at the lowest strength level currently and are in Extreme-Bearish territory (below 20 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (30.4 percent) vs Gold previous week (40.0 percent)<br />
Silver (29.5 percent) vs Silver previous week (37.3 percent)<br />
Copper (8.6 percent) vs Copper previous week (22.2 percent)<br />
Platinum (15.6 percent) vs Platinum previous week (22.5 percent)<br />
Palladium (5.5 percent) vs Palladium previous week (0.0 percent)<br />
Steel (63.0 percent) vs Palladium previous week (64.1 percent)</p>
<p>&nbsp;</p>
<h2>Platinum &amp; Gold top the negative 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Trend-6-Weeks-1.png"><img data-dominant-color="281414" data-has-transparency="true" style="–dominant-color: #281414;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215187" src="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Trend-6-Weeks-1.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Trend-6-Weeks-1.png 553w, https://investmacro.com/wp-content/uploads/2023/08/Metals-Speculator-Strength-Trend-6-Weeks-1-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/08/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 all the metals markets have lower six-week trends scores.</p>
<p>Platinum (-19 percent), Gold (-18 percent, Copper (-15 percent) and Silver (-15 percent) lead the downside trend scores currently.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-18.5 percent) vs Gold previous week (-3.9 percent)<br />
Silver (-14.5 percent) vs Silver previous week (-8.2 percent)<br />
Copper (-14.6 percent) vs Copper previous week (-11.2 percent)<br />
Platinum (-18.6 percent) vs Platinum previous week (-21.2 percent)<br />
Palladium (-11.0 percent) vs Palladium previous week (-20.6 percent)<br />
Steel (-9.8 percent) vs Steel previous week (-5.3 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-08-18-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/GC-08-18-2023.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 121,136 contracts in the data reported through Tuesday. This was a weekly decline of -21,849 contracts from the previous week which had a total of 142,985 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 30.4 percent. The commercials are Bullish with a score of 69.2 percent and the small traders (not shown in chart) are Bearish with a score of 32.1 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>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">26.8</td>
<td width="187">10.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">25.8</td>
<td width="189">59.5</td>
<td width="187">5.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">121,136</td>
<td width="189">-141,930</td>
<td width="187">20,794</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">233,078</td>
<td width="189">116,062</td>
<td width="187">44,337</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">111,942</td>
<td width="189">257,992</td>
<td width="187">23,543</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">1.9 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">30.4</td>
<td width="189">69.2</td>
<td width="187">32.1</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">-18.5</td>
<td width="189">16.5</td>
<td width="187">-2.1</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-08-18-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/SI-08-18-2023.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 7,861 contracts in the data reported through Tuesday. This was a weekly decline of -5,463 contracts from the previous week which had a total of 13,324 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 29.5 percent. The commercials are Bullish with a score of 65.7 percent and the small traders (not shown in chart) are Bullish with a score of 52.1 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">36.7</td>
<td width="189">34.2</td>
<td width="187">20.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">31.0</td>
<td width="189">51.0</td>
<td width="187">9.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">7,861</td>
<td width="189">-23,264</td>
<td width="187">15,403</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">50,692</td>
<td width="189">47,240</td>
<td width="187">28,028</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">42,831</td>
<td width="189">70,504</td>
<td width="187">12,625</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.2 to 1</td>
<td width="189">0.7 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">29.5</td>
<td width="189">65.7</td>
<td width="187">52.1</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">-14.5</td>
<td width="189">7.6</td>
<td width="187">21.4</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-08-18-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/HG-08-18-2023.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 -25,698 contracts in the data reported through Tuesday. This was a weekly lowering of -15,641 contracts from the previous week which had a total of -10,057 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 8.6 percent. The commercials are Bullish-Extreme with a score of 88.7 percent and the small traders (not shown in chart) are Bullish with a score of 50.2 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">30.1</td>
<td width="189">45.4</td>
<td width="187">8.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">41.5</td>
<td width="189">36.2</td>
<td width="187">5.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-25,698</td>
<td width="189">20,665</td>
<td width="187">5,033</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">67,401</td>
<td width="189">101,827</td>
<td width="187">18,180</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">93,099</td>
<td width="189">81,162</td>
<td width="187">13,147</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.3 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">8.6</td>
<td width="189">88.7</td>
<td width="187">50.2</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>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">-14.6</td>
<td width="189">11.6</td>
<td width="187">18.2</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-08-18-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/PL-08-18-2023.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 1 contracts in the data reported through Tuesday. This was a weekly reduction of -2,991 contracts from the previous week which had a total of 2,992 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 15.6 percent. The commercials are Bullish-Extreme with a score of 81.4 percent and the small traders (not shown in chart) are Bearish with a score of 46.6 percent.</p>
<h3>Price Trend-Following Model: Strong Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>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">52.3</td>
<td width="189">28.5</td>
<td width="187">11.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">52.3</td>
<td width="189">35.4</td>
<td width="187">4.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">1</td>
<td width="189">-5,866</td>
<td width="187">5,865</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">44,233</td>
<td width="189">24,075</td>
<td width="187">9,751</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">44,232</td>
<td width="189">29,941</td>
<td width="187">3,886</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.0 to 1</td>
<td width="189">0.8 to 1</td>
<td width="187">2.5 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">15.6</td>
<td width="189">81.4</td>
<td width="187">46.6</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">-18.6</td>
<td width="189">15.9</td>
<td width="187">4.8</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-08-18-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/PA-08-18-2023.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 -9,423 contracts in the data reported through Tuesday. This was a weekly boost of 769 contracts from the previous week which had a total of -10,192 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 5.5 percent. The commercials are Bullish-Extreme with a score of 96.1 percent and the small traders (not shown in chart) are Bearish with a score of 23.7 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">19.7</td>
<td width="189">58.5</td>
<td width="187">7.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">65.7</td>
<td width="189">11.1</td>
<td width="187">8.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-9,423</td>
<td width="189">9,722</td>
<td width="187">-299</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,048</td>
<td width="189">12,006</td>
<td width="187">1,482</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">13,471</td>
<td width="189">2,284</td>
<td width="187">1,781</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">5.3 to 1</td>
<td width="187">0.8 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">5.5</td>
<td width="189">96.1</td>
<td width="187">23.7</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">-11.0</td>
<td width="189">9.2</td>
<td width="187">10.2</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-08-18-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/08/HRC-08-18-2023.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 -3,524 contracts in the data reported through Tuesday. This was a weekly fall of -403 contracts from the previous week which had a total of -3,121 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 63.0 percent. The commercials are Bearish with a score of 37.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.8 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>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">7.3</td>
<td width="189">87.4</td>
<td width="187">1.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">23.8</td>
<td width="189">70.7</td>
<td width="187">1.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-3,524</td>
<td width="189">3,558</td>
<td width="187">-34</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">1,547</td>
<td width="189">18,597</td>
<td width="187">274</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">5,071</td>
<td width="189">15,039</td>
<td width="187">308</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">1.2 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">63.0</td>
<td width="189">37.4</td>
<td width="187">15.8</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">-9.8</td>
<td width="189">10.5</td>
<td width="187">-24.8</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>