您现在的位置:中银国际期货网 >> 数据中心>> CFTC持仓数据>> 正文内容

会员中心

会员中心

BOCI CFTC Summary - Speculators Turned Into Net Sellers of Silver

作者:研究部 来源:中银国际 点击数: 更新时间:2014年11月04日 【字体: |

Source: BOCI Global Commodities, CFTC, Bloomberg Finance LP 
(See attached file: CFTC Comments 03-11-2014.pdf)


The speculative community exhibited a mixed sentiment towards the metals markets and a bearish stance towardsenergy over the latest reporting week.  In precious metals, speculators are now less bullish towards gold andplatinum as prices declined in the latest reporting week. We believe that a repricing of the USD and the US rate hike cycle after the QE exit is likely to introduce renewed headwinds into the precious metals complex, specifically gold.  However, opportunistic buying on dips by emerging market central banks and the retail sector may provide some support for prices.

It is worth noting that speculators raised silver total shorts to all time highs and turned into net sellers during the latest reporting week. Although palladium was the best performer among all the commodities, speculators’ positions were little changed. The BOCI Commodity Positioning Index shows that palladium remains most prone to profit taking among all commodities. Meanwhile, speculators have turned less bearish towards copper in the latest reporting week as market participants were worried about mine supply risks.

In energy, while RBOB gasoline net length increased for a fourth consecutive week and reached the highest level since July, speculators are now more bearish on WTIUS natural gas and heating oil. The speculative community also switched from net buyers to net sellers of BrentWith rapid decline of crude oil prices, it is worth noting that swap dealers raised Brent net length to multi year highs and cut WTI net shorts meaningfully. From a positioning perspective, WTI remains at risks for further liquidation in an event where the OPEC fails to cut production at their next meeting given that WTI positioning is still one of the highest among all commodities.

 

/CFTC Comments 03-11-2014.pdf