The below summary highlights futures positions and changes made by hedge funds across 24 key commodity futures up until last Tuesday, November 12. The report covered a week where the markets were buoyed by hopes that a “phase one” U.S.-China trade deal was getting close to being finalized. Volatility and gold continued to be sold while both the dollar and oil received a bid.
The prospect for a growth stabilizing trade deal supported continued hedge fund buying in crude oil while long liquidation in metals, led by gold, continued. Grains were mixed while all four soft commodities were bought, not least coffee.
Several +20,000 lots changes were seen on both the buy and sell side with the biggest being WTI, Brent, gold, soybeans, sugar and coffee.