COT Report: Analysis and Talking Points
- Hedge Funds Continue to Scale Back on Bullish Oil Positioning
- Gold Net Longs Slashed on Profit Taking
- Copper Gross Shorts Approaching 2018 and 2019 Peaks
Oil: In light of the weaker economic environment, hedge funds have continued to scale back on their bullish positioning for Brent crude oil, which in turn has seen the ratio of long/short positions drop to 13:1 (Prev. 15.5:1).
Gold / Silver: Gold net long positioning had been slashed by 41k lots to 24k lots as investors closed out gross long positions. Elsewhere, with silver prices remaining within its 2019 downtrend, bearish positioning in the precious metal jumped to the highest since November 2018 as net shorts rose by 15k lots.
Copper: Another rise in net short positioning for the base metal with gross shorts now approaching the peaks seen in 2018 (87.9k) and 2019 (88k) at 84k lots. Consequently, as concerns over the trade war tensions between the US and China mount, sentiment remains bearish on copper.
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--- Written by Justin McQueen, Market Analyst
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