- Hedge funds reduce bullish bets for first time in five weeks
- Biggest reduction in metals as copper traders return to net short
- Long positions in beans, oil and meal increased
Hedge funds reduced bullish commodity bets for the first time in five weeks as the dollar strengthened. During the week ending May 10, they made the biggest reductions in metals with copper traders returning to a net short after just two weeks.
The WTI crude oil long was reduced for a second week as the short base increased by one-third.Gold traders also increased short positions thereby reducing the net-long following a big jump the previous week. Silver was the exception with the net-long reaching a new record despite fading price action....MORE