Buyers returned to under owned copper after the price finally shrugged off China concerns to break higher in response to tightening market conditions. The net long jumped by one-third, but at 35.5k lots it remains well below the 91.6k lots peak reached one year ago.
In grains, renewed selling of the three major crops reduced the net long to a 13-month low while softs were mixed, with profit taking reducing a very elevated cotton long, while a 11% price surge helped drive the coffee long to a five-year high.
The aggregate dollar long against ten IMM currency futures and the Dollar Index remained unchanged at $25.5 billion, the highest since June 2019, with most of action seen in JPY where a 1.9% price drop in USDJPY helped drive a 20% increase in the net short to 76.6k lots or $8.4 billion equivalent. Despite trading weaker on the week some short-covering emerged in EUR (3.9k), CHF (2.7k), GBP (8k).
Some focus on the AUD where a small amount of short covering still left the net short near a record high at 87.6k lots or $6.4 billion equivalent. Surging commodity prices and the re-opening of the economy following lockdowns saw price end the week at the highest level in six weeks.