COT Metals Charts: Weekly Speculator Changes led by Gold & Silver
<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-1.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-214432" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Open-Interest-Comparison-1.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Open-Interest-Comparison-1.png 563w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Open-Interest-Comparison-1-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/07/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 July 11th</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 & Silver</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png"><img data-dominant-color="0b0a07" data-has-transparency="true" style="–dominant-color: #0b0a07;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214431" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png" alt="" width="563" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-2.png 563w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-2-160×96.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Futures-Large-Speculator-Net-Position-Changes-2-150×90.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 (2,657 contracts) with Silver (2,302 contracts) also showing a positive week.</p>
<p>The markets with declines in speculator bets for the week were Palladium (-382 contracts), Platinum (-280 contracts), Copper (-2,395 contracts) and Steel (-71 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-11-2023</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>483,170</td>
<td>28</td>
<td>165,754</td>
<td>50</td>
<td>-187,749</td>
<td>51</td>
<td>21,995</td>
<td>35</td>
</tr>
<tr>
<td>Silver</td>
<td>120,282</td>
<td>6</td>
<td>20,292</td>
<td>47</td>
<td>-31,649</td>
<td>56</td>
<td>11,357</td>
<td>29</td>
</tr>
<tr>
<td>Copper</td>
<td>197,785</td>
<td>41</td>
<td>-11,157</td>
<td>21</td>
<td>7,915</td>
<td>78</td>
<td>3,242</td>
<td>39</td>
</tr>
<tr>
<td>Palladium</td>
<td>15,772</td>
<td>100</td>
<td>-8,272</td>
<td>0</td>
<td>8,765</td>
<td>100</td>
<td>-493</td>
<td>12</td>
</tr>
<tr>
<td>Platinum</td>
<td>71,007</td>
<td>72</td>
<td>7,787</td>
<td>34</td>
<td>-13,912</td>
<td>65</td>
<td>6,125</td>
<td>50</td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<hr />
<h2>Strength Scores led by Steel & Gold</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range-1.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-214430" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range-1.png" alt="" width="571" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range-1.png 571w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Score-3-YR-Range-1-160×95.png 160w, https://investmacro.com/wp-content/uploads/2023/07/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 (73 percent) and Gold (50 percent) lead the metals markets this week. Palladium (0 percent) comes in as the next highest in the weekly strength scores.</p>
<p>On the downside, Copper (21 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent). The next lowest strength score was Platinum (34 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Gold (50.0 percent) vs Gold previous week (48.9 percent)<br />
Silver (47.2 percent) vs Silver previous week (43.9 percent)<br />
Copper (21.2 percent) vs Copper previous week (23.3 percent)<br />
Platinum (33.6 percent) vs Platinum previous week (34.2 percent)<br />
Palladium (0.0 percent) vs Palladium previous week (3.2 percent)<br />
Steel (72.6 percent) vs Palladium previous week (72.8 percent)</p>
<h2>Copper & 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-1.png"><img data-dominant-color="211112" data-has-transparency="true" style="–dominant-color: #211112;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214429" src="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks-1.png" alt="" width="553" height="339" srcset="https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks-1.png 553w, https://investmacro.com/wp-content/uploads/2023/07/Metals-Speculator-Strength-Trend-6-Weeks-1-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/07/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 Copper (21 percent) and Steel (15 percent) lead the past six weeks trends for metals. Palladium (-18 percent) is the next highest positive mover in the latest trends data.</p>
<p>Gold (-2 percent) leads the downside trend scores currently with Platinum (-36 percent) as the next market with lower trend scores.</p>
<p align="center"><strong>Move Statistics:</strong><br />
Gold (-1.6 percent) vs Gold previous week (1.0 percent)<br />
Silver (-1.2 percent) vs Silver previous week (-5.7 percent)<br />
Copper (21.2 percent) vs Copper previous week (18.2 percent)<br />
Platinum (-36.0 percent) vs Platinum previous week (-44.8 percent)<br />
Palladium (-18.5 percent) vs Palladium previous week (-21.7 percent)<br />
Steel (14.8 percent) vs Steel previous week (15.0 percent)</p>
<hr />
<h5>Individual Markets:</h5>
<h3><strong>Gold Comex Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/GC-07-14-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/GC-07-14-2023.png" alt="Gold Futures COT Chart" width="720" height="660" /></a>The Gold Comex Futures large speculator standing this week was a net position of 165,754 contracts in the data reported through Tuesday. This was a weekly lift of 2,657 contracts from the previous week which had a total of 163,097 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 50.0 percent. The commercials are Bullish with a score of 51.5 percent and the small traders (not shown in chart) are Bearish with a score of 35.1 percent.</p>
<h3>Price Trend-Following Model: Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <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>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">49.8</td>
<td width="189">23.8</td>
<td width="187">9.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">15.5</td>
<td width="189">62.6</td>
<td width="187">5.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">165,754</td>
<td width="189">-187,749</td>
<td width="187">21,995</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">240,546</td>
<td width="189">114,790</td>
<td width="187">46,618</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">74,792</td>
<td width="189">302,539</td>
<td width="187">24,623</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">3.2 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">50.0</td>
<td width="189">51.5</td>
<td width="187">35.1</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>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">-1.6</td>
<td width="189">0.9</td>
<td width="187">3.3</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-07-14-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/SI-07-14-2023.png" alt="Silver Futures COT Chart" width="720" height="660" /></a>The Silver Comex Futures large speculator standing this week was a net position of 20,292 contracts in the data reported through Tuesday. This was a weekly lift of 2,302 contracts from the previous week which had a total of 17,990 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 47.2 percent. The commercials are Bullish with a score of 55.5 percent and the small traders (not shown in chart) are Bearish with a score of 29.4 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">42.7</td>
<td width="189">31.8</td>
<td width="187">19.4</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">25.8</td>
<td width="189">58.1</td>
<td width="187">9.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">20,292</td>
<td width="189">-31,649</td>
<td width="187">11,357</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">51,305</td>
<td width="189">38,238</td>
<td width="187">23,304</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">31,013</td>
<td width="189">69,887</td>
<td width="187">11,947</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">2.0 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">47.2</td>
<td width="189">55.5</td>
<td width="187">29.4</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">-1.2</td>
<td width="189">3.5</td>
<td width="187">-11.5</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-07-14-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/HG-07-14-2023.png" alt="Copper Futures COT Chart" width="720" height="660" /></a>The Copper Grade #1 Futures large speculator standing this week was a net position of -11,157 contracts in the data reported through Tuesday. This was a weekly decrease of -2,395 contracts from the previous week which had a total of -8,762 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 21.2 percent. The commercials are Bullish with a score of 78.2 percent and the small traders (not shown in chart) are Bearish with a score of 38.9 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>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">30.0</td>
<td width="189">43.7</td>
<td width="187">8.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">35.7</td>
<td width="189">39.7</td>
<td width="187">7.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-11,157</td>
<td width="189">7,915</td>
<td width="187">3,242</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">59,389</td>
<td width="189">86,466</td>
<td width="187">17,338</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">70,546</td>
<td width="189">78,551</td>
<td width="187">14,096</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.8 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">21.2</td>
<td width="189">78.2</td>
<td width="187">38.9</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">21.2</td>
<td width="189">-21.8</td>
<td width="187">11.4</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-07-14-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/PL-07-14-2023.png" alt="Platinum Futures COT Chart" width="720" height="660" /></a>The Platinum Futures large speculator standing this week was a net position of 7,787 contracts in the data reported through Tuesday. This was a weekly decrease of -280 contracts from the previous week which had a total of 8,067 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 33.6 percent. The commercials are Bullish with a score of 64.7 percent and the small traders (not shown in chart) are Bullish with a score of 50.0 percent.</p>
<h3>Price Trend-Following Model: Strong Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Platinum Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">54.3</td>
<td width="189">27.2</td>
<td width="187">13.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">43.4</td>
<td width="189">46.8</td>
<td width="187">4.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">7,787</td>
<td width="189">-13,912</td>
<td width="187">6,125</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">38,590</td>
<td width="189">19,294</td>
<td width="187">9,369</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">30,803</td>
<td width="189">33,206</td>
<td width="187">3,244</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">2.9 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">33.6</td>
<td width="189">64.7</td>
<td width="187">50.0</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-36.0</td>
<td width="189">29.1</td>
<td width="187">20.7</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-07-14-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/PA-07-14-2023.png" alt="Palladium Futures COT Chart" width="720" height="660" /></a>The Palladium Futures large speculator standing this week was a net position of -8,272 contracts in the data reported through Tuesday. This was a weekly decrease of -382 contracts from the previous week which had a total of -7,890 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 12.1 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>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">62.3</td>
<td width="187">9.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">75.1</td>
<td width="189">6.8</td>
<td width="187">12.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-8,272</td>
<td width="189">8,765</td>
<td width="187">-493</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">3,575</td>
<td width="189">9,831</td>
<td width="187">1,519</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">11,847</td>
<td width="189">1,066</td>
<td width="187">2,012</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">9.2 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">12.1</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">-18.5</td>
<td width="189">17.4</td>
<td width="187">-4.3</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-07-14-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/HRC-07-14-2023.png" alt="Steel Futures COT Chart" width="720" height="660" /></a>The Steel Futures large speculator standing this week was a net position of -201 contracts in the data reported through Tuesday. This was a weekly decline of -71 contracts from the previous week which had a total of -130 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 72.6 percent. The commercials are Bearish with a score of 27.1 percent and the small traders (not shown in chart) are Bearish with a score of 40.2 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>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">17.3</td>
<td width="189">75.3</td>
<td width="187">1.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">18.2</td>
<td width="189">75.1</td>
<td width="187">0.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-201</td>
<td width="189">46</td>
<td width="187">155</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,124</td>
<td width="189">17,946</td>
<td width="187">347</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">4,325</td>
<td width="189">17,900</td>
<td width="187">192</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">1.8 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">72.6</td>
<td width="189">27.1</td>
<td width="187">40.2</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">14.8</td>
<td width="189">-15.6</td>
<td width="187">34.8</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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