COT: Record Speculative Long Copper Position

The COT report is published each week and includes observations on charts of markets that exhibit interesting ownership characteristics and/or changes in ownership characteristics.  This week’s report includes observations on Euro, Silver, and Copper.

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  • Warning for Euro longs
  • Specs jump on the silver bandwagon
  • Warning for Copper longs

52 Week Ownership Profile Extremes – Euro, Australian Dollar, S&P 500, Copper, Heating Oil

13 Week Volume Highs – None

Currencies Indexes Interest Rates Metals 
US Dollar100S&P 5004930 Yr US Bond12Gold12
Euro2NASDAQ 1001010 Year US Note77Silver16
British Pound31Dow615 Year US Note55Copper12
Swiss Franc51Nikkei162 Year US Note0Platinum67
Japanese Yen24Eurodollar78
Canadian Dollar61
Australian Dollar16
New Zealand Dollar37
Mexican Peso10
Energies Agriculture Meats Softs 
Crude Oil0Wheat53Lean Hogs63Coffee94
Heating Oil4Hard Red Winter Wheat22Live Cattle49Cotton0
RBOB Gas4Corn47Feeder Cattle0Frozen OJ0
Natural Gas100Oats65Cocoa22
Soybeans18Sugar94
Soybean Oil29
Soybean Meal2
Rough Rice29

The COT Index is the difference between net speculative positioning and net commercial positioning measured over a 52 week percentile.  A blue colored bar indicates that the difference in positioning is the greatest it has been in 52 weeks (100 reading on the table) with speculators buying and commercials selling.  A red colored bar indicates that the difference in positioning is the greatest it has been in 52 weeks (0 reading on the table) with speculators selling and commercials buying.  Speculators tend to be on the wrong side at the turn and commercials the correct side.  Use of the index is covered closely in detail in my book.

Latest CFTC Release dated January 2nd, 2018

Non Commercials (speculators) – Red

Commercials – Blue

Small Speculators – Black

COTDiff (COT Index) – Black

52 week Percentile (COT Diff) – Gray

Euro CME Continuous Contract

The Euro ownership profile has reached a record.  An extreme speculative long position and extreme commercial short position warns of a sentiment extreme and therefore a price high.

Silver COMEX Continuous Contract

The 1 week change in Silver positions is extreme (speculators buying and commercials selling).  The extreme reading is consistent with conditions seen near a price high or a pause within an uptrend.

Copper COMEX Continuous Contract

The Copper ownership profile has reached a record.  An extreme speculative long position and extreme commercial short position warns of a sentiment extreme and therefore a price high.