Quarterly Outlook
Upending the global order at blinding speed
John J. Hardy
Global Head of Macro Strategy
Head of Commodity Strategy
Summary: Hedge funds increased bullish commodity bets for the first time in three weeks. The 51% jump in the net-long to 463k lots came in response to broad-based price gains across all of the major sectors. The buying was centered around crude oil, gasoline, gold, soybeans, sugar and livestock.