COT Metals Charts: Weekly Speculator Changes led by 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/2023/07/Metals-Open-Interest-Comparison.png"><img data-dominant-color="21222c" data-has-transparency="true" style="–dominant-color: #21222c;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214207" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Open-Interest-Comparison.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Open-Interest-Comparison.png 563w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Open-Interest-Comparison-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/07/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>Monday July 3rd</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 Gold</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png"><img data-dominant-color="0e0c07" data-has-transparency="true" style="–dominant-color: #0e0c07;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214208" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-1.png 563w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/07/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 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 Gold (11,187 contracts) with Steel (1,150 contracts) also showing a positive week.</p>
<p>The markets with declines in speculator bets for the week were Copper (-11,702 contracts), Palladium (-566 contracts), Platinum (-4,093 contracts) and Silver (-1,062 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-03-2023</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>448,063</td>
<td>12</td>
<td>163,097</td>
<td>49</td>
<td>-184,717</td>
<td>53</td>
<td>21,620</td>
<td>34</td>
</tr>
<tr>
<td>Silver</td>
<td>114,421</td>
<td>0</td>
<td>17,990</td>
<td>44</td>
<td>-29,569</td>
<td>58</td>
<td>11,579</td>
<td>31</td>
</tr>
<tr>
<td>Copper</td>
<td>204,399</td>
<td>46</td>
<td>1,888</td>
<td>32</td>
<td>-4,003</td>
<td>68</td>
<td>2,115</td>
<td>32</td>
</tr>
<tr>
<td>Palladium</td>
<td>14,781</td>
<td>100</td>
<td>-7,890</td>
<td>0</td>
<td>8,358</td>
<td>100</td>
<td>-468</td>
<td>14</td>
</tr>
<tr>
<td>Platinum</td>
<td>69,383</td>
<td>70</td>
<td>8,067</td>
<td>34</td>
<td>-13,570</td>
<td>65</td>
<td>5,503</td>
<td>42</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/2023/07/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-214205" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range.png 571w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/07/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 (73 percent) and Gold (49 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 (48.9 percent) vs Gold previous week (43.9 percent)<br />
Silver (43.9 percent) vs Silver previous week (45.4 percent)<br />
Copper (23.3 percent) vs Copper previous week (33.4 percent)<br />
Platinum (34.2 percent) vs Platinum previous week (43.6 percent)<br />
Palladium (0.0 percent) vs Palladium previous week (4.9 percent)<br />
Steel (72.8 percent) vs Palladium previous week (69.5 percent)</p>
<p>&nbsp;</p>
<h2>Copper &amp; Steel top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks.png"><img data-dominant-color="231111" data-has-transparency="true" style="–dominant-color: #231111;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214206" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks.png 553w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/07/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 Copper (23 percent) and Steel (15 percent) lead the past six weeks trends for metals.</p>
<p>Platinum (-45 percent) leads the downside trend scores currently.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (1.0 percent) vs Gold previous week (-12.3 percent)<br />
Silver (-5.7 percent) vs Silver previous week (-6.8 percent)<br />
Copper (18.2 percent) vs Copper previous week (30.7 percent)<br />
Platinum (-44.8 percent) vs Platinum previous week (-31.5 percent)<br />
Palladium (-22.4 percent) vs Palladium previous week (-20.7 percent)<br />
Steel (15.0 percent) vs Steel previous week (9.1 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/GC-07-07-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/GC-07-07-2023.png" alt="Gold Futures COT Chart" width="720" height="660" /></a>The Gold Comex Futures large speculator standing this week recorded a net position of 163,097 contracts in the data reported through Tuesday. This was a weekly boost of 11,187 contracts from the previous week which had a total of 151,910 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 48.9 percent. The commercials are Bullish with a score of 52.6 percent and the small traders (not shown in chart) are Bearish with a score of 34.1 percent.</p>
<h3>Price Trend-Following Model: Weak Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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>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">52.5</td>
<td width="189">25.6</td>
<td width="187">10.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">16.1</td>
<td width="189">66.9</td>
<td width="187">5.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">163,097</td>
<td width="189">-184,717</td>
<td width="187">21,620</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">235,081</td>
<td width="189">114,905</td>
<td width="187">45,490</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">71,984</td>
<td width="189">299,622</td>
<td width="187">23,870</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">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">48.9</td>
<td width="189">52.6</td>
<td width="187">34.1</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">1.0</td>
<td width="189">0.9</td>
<td width="187">-11.7</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Silver Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/SI-07-07-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/SI-07-07-2023.png" alt="Silver Futures COT Chart" width="720" height="660" /></a>The Silver Comex Futures large speculator standing this week recorded a net position of 17,990 contracts in the data reported through Tuesday. This was a weekly lowering of -1,062 contracts from the previous week which had a total of 19,052 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 43.9 percent. The commercials are Bullish with a score of 58.1 percent and the small traders (not shown in chart) are Bearish with a score of 30.7 percent.</p>
<h3>Price Trend-Following Model: Weak Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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">40.6</td>
<td width="189">33.0</td>
<td width="187">20.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">24.9</td>
<td width="189">58.9</td>
<td width="187">10.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">17,990</td>
<td width="189">-29,569</td>
<td width="187">11,579</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">46,433</td>
<td width="189">37,784</td>
<td width="187">23,020</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">28,443</td>
<td width="189">67,353</td>
<td width="187">11,441</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.6 to 1</td>
<td width="189">0.6 to 1</td>
<td width="187">2.0 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">43.9</td>
<td width="189">58.1</td>
<td width="187">30.7</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">-5.7</td>
<td width="189">6.5</td>
<td width="187">-8.0</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/2023/07/HG-07-08-2023.png"><img data-dominant-color="d7d6da" data-has-transparency="true" style="–dominant-color: #d7d6da;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214273" src="https://investmacro.com/wp-content/uploads/2023/07/HG-07-08-2023.png" alt="" width="1000" height="860" srcset="https://investmacro.com/wp-content/uploads/2023/07/HG-07-08-2023.png 1000w, https://investmacro.com/wp-content/uploads/2023/07/HG-07-08-2023-121×104.png 121w, https://investmacro.com/wp-content/uploads/2023/07/HG-07-08-2023-150×129.png 150w, https://investmacro.com/wp-content/uploads/2023/07/HG-07-08-2023-768×660.png 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></a></p>
<p>The Copper Grade #1 Futures large speculator standing this week recorded a net position of -8,762 contracts in the data reported through Tuesday. This was a weekly fall of -11,702 contracts from the previous week which had a total of 2,940 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 23.3 percent. The commercials are Bullish with a score of 77.1 percent and the small traders (not shown in chart) are Bearish with a score of 32.0 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">31.7</td>
<td width="189">42.4</td>
<td width="187">8.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">30.7</td>
<td width="189">44.4</td>
<td width="187">7.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">1,888</td>
<td width="189">-4,003</td>
<td width="187">2,115</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">64,740</td>
<td width="189">86,761</td>
<td width="187">16,759</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">62,852</td>
<td width="189">90,764</td>
<td width="187">14,644</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">1.1 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">32.5</td>
<td width="189">68.3</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">23.1</td>
<td width="189">-19.7</td>
<td width="187">-19.0</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Platinum Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/PL-07-07-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/PL-07-07-2023.png" alt="Platinum Futures COT Chart" width="720" height="660" /></a>The Platinum Futures large speculator standing this week recorded a net position of 8,067 contracts in the data reported through Tuesday. This was a weekly lowering of -4,093 contracts from the previous week which had a total of 12,160 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 34.2 percent. The commercials are Bullish with a score of 65.4 percent and the small traders (not shown in chart) are Bearish with a score of 41.8 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>New Sell – 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">28.6</td>
<td width="187">13.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">40.9</td>
<td width="189">48.2</td>
<td width="187">5.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">8,067</td>
<td width="189">-13,570</td>
<td width="187">5,503</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">36,443</td>
<td width="189">19,856</td>
<td width="187">9,026</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">28,376</td>
<td width="189">33,426</td>
<td width="187">3,523</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">34.2</td>
<td width="189">65.4</td>
<td width="187">41.8</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">-44.8</td>
<td width="189">38.4</td>
<td width="187">11.0</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Palladium Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/PA-07-07-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/PA-07-07-2023.png" alt="Palladium Futures COT Chart" width="720" height="660" /></a>The Palladium Futures large speculator standing this week recorded a net position of -7,890 contracts in the data reported through Tuesday. This was a weekly decline of -566 contracts from the previous week which had a total of -7,324 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-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 13.6 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>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">22.6</td>
<td width="189">63.1</td>
<td width="187">9.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">76.0</td>
<td width="189">6.6</td>
<td width="187">13.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-7,890</td>
<td width="189">8,358</td>
<td width="187">-468</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">3,342</td>
<td width="189">9,330</td>
<td width="187">1,463</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">11,232</td>
<td width="189">972</td>
<td width="187">1,931</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">9.6 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">0.0</td>
<td width="189">100.0</td>
<td width="187">13.6</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-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">-22.4</td>
<td width="189">21.0</td>
<td width="187">-5.3</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Steel Futures Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/HRC-07-07-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/HRC-07-07-2023.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week recorded a net position of -130 contracts in the data reported through Tuesday. This was a weekly boost of 1,150 contracts from the previous week which had a total of -1,280 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 72.8 percent. The commercials are Bearish with a score of 26.9 percent and the small traders (not shown in chart) are Bearish with a score of 40.6 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>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">17.5</td>
<td width="189">74.9</td>
<td width="187">1.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">18.1</td>
<td width="189">75.1</td>
<td width="187">0.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-130</td>
<td width="189">-28</td>
<td width="187">158</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,129</td>
<td width="189">17,669</td>
<td width="187">312</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">4,259</td>
<td width="189">17,697</td>
<td width="187">154</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">2.0 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">72.8</td>
<td width="189">26.9</td>
<td width="187">40.6</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bearish</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">-16.0</td>
<td width="187">40.6</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>