Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Head of Commodity Strategy
Summary: Gold and silver were sold off heavily in the week ending March 19 while oil bulls continued their rampage, boosted by the latest outbreak of rebellion in Libya.
Saxo Bank publishes two weekly Commitment of Traders reports (COT) covering leveraged fund positions in commodities, bonds and stock index futures. For IMM currency futures and the VIX, we use the broader measure called non-commercial.
To download your copy of the Commitment of Traders: Commodity report for the week ending March 19, click here
Hedge funds sold commodities for the first time in four weeks during the week to April 2. The 85k contract reduction in the net-long to 537k was driven by heavy selling of gold and silver as the risk-on rally in stocks continued. The USDA acreage report triggered renewed selling of corn and soybeans while short-covering supported sugar and cocoa.