COT Report: Copper bearish bets hit record high. Gold bets edge lower, USD bets up

August 31, 2019

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Here are the latest links to our coverage of the Commitment of Traders data changes.

This week in the COT data, currency speculators slightly edged their US Dollar Index bullish positions higher following a couple of modest down weeks. The dollar positions, like the dollar price itself, have been remarkably consistent and have remained close to the +30,000 net contract level.

The Mexican peso positions fell again this week for a fourth week in a row. The peso bullish bets have now fallen under the +100,000 net contract level for the first time since March and after making a record high bullish level in April above +150,000 contracts.

Precious metals speculators slightly trimmed their Gold positions this week while Silver positions were pushed sharply higher. Gold speculators cut back on their bullish bets this week after pushing positions to the highest level since 2016 last week.

Silver speculators boosted their bets this week for a second straight week and bullish positions rose back to almost +60,000 net contracts.


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Copper speculators, meanwhile, pushed their bearish bets sharply higher and to a new all-time record high bearish position. The previous record was set only three weeks ago which was followed up by declining bearish bets for two weeks.

VIX speculators reduced their bearish positions for a fourth consecutive week as uncertainty in the markets has taken a toll on a low volatility outlook. Spec positions had reached a record high bearish level as recently as April but have now started to decline over past months to the lowest level since February 5th.

The 10-Year Bond speculators sharply reduced their bearish bets this week by over 90,000 contracts. The week’s pullback brings the current position to the least bearish level since July 9th.

Lastly, the WTI Crude Oil speculators decreased their bullish bets after two weeks of gains. The current standing remains bullish back is back below the +400,000 net contract level this week for fifth time out of the past six weeks.


US Dollar Index Speculators nudged bullish bets up, Mexican Peso bets drop

Large currency speculators increased their net positions in the US Dollar Index futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. See full article.


WTI Crude Oil Speculators pulled back on their bullish bets after 2 up weeks

The large speculator contracts of WTI crude futures totaled a net position of 391,650 contracts, according to the latest data this week. This was a change of -22,985 contracts from the previous weekly total. See full article.


10-Year Note Speculators sharply dropped their bearish bets this week

Large speculator contracts of the 10-Year Bond futures totaled a net position of -309,904 contracts, according to the latest data this week. This was a change of 91,900 contracts from the previous weekly total. See full article.


Gold Speculators trimmed their bullish bets slightly this week

Large precious metals speculator contracts of the Gold futures totaled a net position of 296,838 contracts, according to the latest data this week. This was a change of -3,155 contracts from the previous weekly total. See full article.


VIX Speculators edged their bearish volatility bets lower this week

Large stock market volatility speculator contracts of the VIX futures totaled a net position of -57,153 contracts, according to the latest data this week. This was a change of 2,345 contracts from the previous weekly total. See full article.


Silver Speculators sharply boosted their bullish bets for 2nd week

Large precious metals speculator contracts of the silver futures totaled a net position of 59,852 contracts, according to the latest data this week. This was a change of 13,138 contracts from the previous weekly total. See full article.


Copper Speculators renewed their bearish bets to record high bearish level

Metals speculator contracts of the copper futures totaled a net position of -58,480 contracts, according to the latest data this week. This was a change of -9,535 contracts from the previous weekly total. See full article.


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*COT Report: The COT data, 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.

The CFTC categorizes trader positions according to commercial hedgers (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).

Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).