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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

The Predictive Power of the CoT Report

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.

Crude Oil Bulls Exit, Copper and Silver Downtrend Persist - COT ReportCrude Oil Bulls Exit, Copper and Silver Downtrend Persist - COT ReportCrude Oil Bulls Exit, Copper and Silver Downtrend Persist - COT ReportCrude Oil Bulls Exit, Copper and Silver Downtrend Persist - COT ReportCrude Oil Bulls Exit, Copper and Silver Downtrend Persist - COT ReportCrude Oil Bulls Exit, Copper and Silver Downtrend Persist - COT ReportCrude Oil Bulls Exit, Copper and Silver Downtrend Persist - COT ReportCrude Oil Bulls Exit, Copper and Silver Downtrend Persist - COT Report

FX COT REPORT

AUDUSD Sentiment Most Bearish Since 2015, GBPUSD Shorts Soar

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX