Head of Commodity Strategy
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Leveraged funds continued to sell energy and metals during the week to August 21. Grain traders were net-buyers as they continued to struggle to find the direction amid mixed signals. Soft commodities led by the Brazilian real-dependent commodities of sugar and coffee continued to be sold.
As it turned out it was also a week where funds got wrong-footed by the market. Oil, gold, coffee and sugar were all sold into a rising market while soybeans and corn were bought into a falling market.
The gold net-short hit a fresh record after the first signs buying was more than offset by additional short-selling. The net-short at 79,000 lots was more than three times the size of the previous record from December 2015. The silver short jumped by 26% but stayed well below the previous record.
HG copper was bought for a second week. This came despite seeing the price drop to a 14-month low before recovering on Asian LME stock draws and a weaker dollar. The limited amount, however, still highlights a market that remains concerned about the impact of trade war.
A new fragmented world order can render some of today's infrastructure obselete, but it also calls for massive new investments across the globe, which requires a new set of strategic and tactical investment strategies.
Steen Jakobsen,
Chief Investment Officer
As globalisation turns to fragmentation, China seems set on playing a role in the global economy, while simultaneously working towards proofing its own economic situation from external shocks and crises.
Redmond Wong,
Market Strategist
The recent bank runs and ensuing challenges are reminicent of something we've seen before. Will it end like the S&L crises of 1986 and 1995?
Chris Dembik,
Head of Macroeconomic Research
Equity markets need to recalibrate to another - fragmented - global world. What's your view on equities in this market - are they going up or down?
Peter Garnry,
Head of Equity Strategy
With every development comes new opportunites, some of which could be in India. Have you considered the country as a part of your diversification strategy?
Charu Chanana,
Market Strategist
A collar is an option strategy that allows some protection while maintaining some upside potential. What investment would you like to use a collar strategy for?
Hans Oudshoorn,
Trainer Academy
There are arguments to be made for many commodities to have upside. Which are you paying the most attention to this quarter?
Ole S. Hansen,
Head of Commodity Strategy
In a very challenging macro environment, which currencies do you think will come out on top?
John J. Hardy,
Head of FX Strategy
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