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COT Report: Analysis and Talking Points

  • Investors Pull Back from Overcrowded Bullish Oil Positionings
  • Gold net longs surge as Investors Demand Safe Havens
  • Copper Net Shorts Gains as Trade War Tension Weigh on Sentiment

The Predictive Power of the CoT Report

Oil: As the economic outlook continues to deteriorate, speculators have begun to shed their bullish positioning for the first time since early March. This could also be attributed to a slight pullback in the somewhat overcrowded bullish positioning in Brent with the ratio of long/short positions at 15.5:1 (highest since September 28th, 2018).

Gold / Silver: Hedge funds rushed to safe havens with gold net longs rising by over 46k lots to circa 66k lots (highest since March 29th). However, as Silver prices trade at 6-month lows, investors have continued to add to net shorts, which increased a marginal 53 lots to 14.9k lots.

Copper: Rising trade war tensions have caused investors to maintain its bearish positioning on the base metal as net shorts increase by over 8.5k lots as gross longs are liquidated, while gross shorts had also been added. Total net shorts (-35k lots) is now the highest since February 1st.

COT Report: Crude Oil, Gold, Silver, Copper OutlookCOT Report: Crude Oil, Gold, Silver, Copper OutlookCOT Report: Crude Oil, Gold, Silver, Copper OutlookCOT Report: Crude Oil, Gold, Silver, Copper OutlookCOT Report: Crude Oil, Gold, Silver, Copper OutlookCOT Report: Crude Oil, Gold, Silver, Copper OutlookCOT Report: Crude Oil, Gold, Silver, Copper OutlookCOT Report: Crude Oil, Gold, Silver, Copper Outlook

FX COT REPORT

Japanese Yen and Euro Shorts Collapse, USD Longs Reduced

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX