Highlighting the COT...from InvestMacro

Highlighting the COT metals changes this week is the strong rebound in Gold speculator bets over the past two weeks. This week’s +18,525 contract rise followed last week’s +31,636 contract jump for a two-week gain of approximately +50,000 contracts. This positive speculator sentiment has pushed the Gold bullish level to the highest of the past five weeks. Previously on July 26th, the Gold speculator level had fallen to the lowest level in one hundred and sixty-five weeks, dating back to May 28th of 2019 and near the height of the COVID-19 pandemic panic when most markets were going haywire. #gold# #Metals#

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large speculative New Zealand Dollar currency positions gained this week by over +6,000 net contracts. The NZD net positions have now increased for six consecutive weeks – adding a total of +37,842 contracts to the net position in that time. This improvement has taken the NZD spec contracts to the most bullish level in the past three hundred and twenty-three weeks, dating back to April 17th of 2018.

InvestMacro

Weekly Speculator Changes led by Platinum & Silver Leading the gains for the metals was Platinum (4,739 contracts) with Silver (4,077 contracts), Gold (3,145 contracts) and Palladium (650 contracts) also showing positive weeks. The markets with declines in speculator bets for the week were Copper (-2,495 contracts) with Steel (-201 contracts) also registering lower bets on the week.

InvestMacro

The #Copper# Grade #1 Futures large speculator standing this week was a net position of 23,739 contracts in the data reported through Tuesday. This was a weekly decrease of -8,716 contracts from the previous week which had a total of 32,455 net contracts. 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 55.3 percent. The commercials are Bearish with a score of 40.9 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 81.3 percent. Price Trend-Following Model: Weak Downtrend Our weekly trend-following model classifies the current market price position as: Weak Downtrend.

InvestMacro