COT: Bullish commodity bets slump to 2½-year low on trade war, dollar
Head of Commodity Strategy, Saxo Bank Group
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Leveraged funds continued to reduce bullish bets across 25 major commodity futures in the week to September 11. Overall a net-short is currently seen in both metals and agriculture with trade war and EM concerns, together with the stronger dollar, all weighing on sentiment. Crude oil, meanwhile, is being supported by the risk of lower supply from Iran and Venezuela.
The gold and silver net-shorts remain close to record levels with the short-covering seen last week not being enough to push the prices above levels where bearish traders would start to worry.
The biggest change was seen in Chicago wheat where the net-long was reduced by 57%.
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