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Copper Speculators Hold Record Net Short Position

Copper Speculators Hold Record Net Short Position

Jamie Saettele, CMT, Sr. Technical Strategist
  • USD specs near a net short position
  • Another record ownership profile in gold
  • Copper specs hold record net short position

For more analysis and trade setups, visit SB Trade Desk

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The COT Index is the difference between net speculative positioning and net commercial positioning measured. A blue colored bar indicates that the difference in positioning is the greatest it has been in 52 weeks (bullish) with speculators selling and commercials buying. A red colored bar indicates that the difference in positioning is the greatest it has been in 52 weeks (bearish) with speculators buying and commercials selling. Non-commercials 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 June 14, 2016

Week (Data for Tuesdays)
US Dollar0
Euro78
British Pound28
Australian Dollar69
Japanese Yen80
Canadian Dollar98
Swiss Franc82
Mexican Peso27
Gold100
Silver90
Copper4
Crude82

Charts (all charts are continuous contract)

Non Commercials (speculators) – Red

Commercials – Blue

Small Speculators – Black

COTDiff (COT Index) – Black

US Dollar ICEUS Continuous Contract

Chart prepared by Jamie Saettele, CMT

Euro CME Continuous Contract

Chart prepared by Jamie Saettele, CMT

British Pound CME Continuous Contract

Chart prepared by Jamie Saettele, CMT

Australian DollarCME Continuous Contract

Chart prepared by Jamie Saettele, CMT

Japanese YenCME Continuous Contract

Chart prepared by Jamie Saettele, CMT

Canadian DollarCME Continuous Contract

Chart prepared by Jamie Saettele, CMT

Swiss Franc CME Continuous Contract

Chart prepared by Jamie Saettele, CMT

Swiss Franc CME Continuous Contract

Chart prepared by Jamie Saettele, CMT

The most recent COT data (as of 6/14) reveals that the 1 week net change in speculative-commercial positioning is large. Prior changes of this magnitude are shown with red dots. Think about this as follows, ‘the ownership profile for Swiss Francs just underwent an extreme change with speculators buying and hedgers selling.’ This type of activity can signal optimism extremes and therefore price highs.

Mexican Peso CME Continuous Contract

Chart prepared by Jamie Saettele, CMT

Gold COMEX Continuous Contract

Chart prepared by Jamie Saettele, CMT

Silver COMEX Continuous Contract

Chart prepared by Jamie Saettele, CMT

Copper COMEX Continuous Contract

Chart prepared by Jamie Saettele, CMT

Crude Oil NYMEX Continuous Contract

Chart prepared by Jamie Saettele, CMT

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

Jamie is the author of Sentiment in the Forex Market and co-founder of SB Trade Desk.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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