CFTC: Bullish bets on energy cut by 14 percent
Money managers cut their net-long positions in commodities during the week ending December 11. The combined position on the 24 commodity futures and options tracked in this report were scaled back by 7.2 percent to 1,365,000 contracts equivalent to a nominal value of USD 105.2 billion.
Most hit were the energy sector, which saw a 14 percent reduction as overproduction, warmer-than-usual weather and the fiscal cliff concerns eroded investor confidence in a near-term pick-up in demand and prices.
The only sector not seeing a reduction in speculative long positioning was the metal sector, which was supported by a 40 percent jump in copper net-longs to the highest level since August 2011.
- Gold and silver both experienced a quiet week with a small add in gold and reduction in silver.
- Heating oil and Natural gas longs both cut by more than 20 percent as warmer weather erodes demand.
- Wheat longs cut by 72 percent following the bearish WASDE report
- Sugar longs reduced by one-third as the price dropped to the lowest level since August 2010
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