Crude Oil Bulls Exit, Copper and Silver Downtrend Persist - COT Report
COT Report: Analysis and Talking Points
- Speculators Head for Exit in Bullish Oil Bets
- Gold Longs Edging Higher Yet Again
- Copper and Silver Downtrend Persists
Oil: Hedge funds have continued to exit their bullish positioning in the Brent crude oil with net longs dropping by a sizeable 40k lots amid the capitulation in oil prices throughout May. Consequently, the ratio of long/short positioning has almost halved from over 2 weeks ago to 8:1 (Prev. 15:1) with risks of a further liquidation of long Brent positioning on the horizon.
Gold / Silver: The ongoing trade war uncertainty has seen investors remain bullish on the safe-haven gold with net longs rising 8.7k lots to 33k lots. While the downtrend in silver shows little signs of abating as bearish bets rise to highest level since October 2018.
Copper: Bearish sentiment on copper persists with speculative gross shorts hovering around the 2019 (88k) and 2018 (87.9k) peaks as tensions between the US and China continue to escalate.
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--- Written by Justin McQueen, Market Analyst
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