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Investment Flows into Commodity Markets

Source: OPEC 7/23/2013, Location: Europe

The total open interest volume (OIV) in major commodity markets in the US increased by over 7% m-o-m to 9.0 million contracts in June, adding to a similar 7% rise in May. The growth was mainly attributed to higher OIV in crude oil, livestock and precious metals. The remaining commodities’ OIV decreased marginally over the month.

Total net length speculative positions in commodities decreased marginally by 0.2% m-o-m to 607,621 contracts in June compared to a massive gain of over 33% in the previous month. The data reflected the return of the bearish sentiments in the natural gas markets, while other markets were stable to very bullish as in the agriculture and crude oil markets.

Agricultural OIV rose by 3.6% m-o-m to 4,465,282 contracts in June. Money managers’ net long positions in agricultural increased by 8.8% to 280,670 lots in June as bearish market sentiments continued to build.

Henry Hub natural gas’s OIV decreased by 4.8% m-o-m to 1,436,280 contracts in June. Speculative net length positions decreased sharply over the month by a hefty 64% to 24,407 contracts, the lowest in three months, cutting bullish bets in natural gas.

Copper’s OIV increased by 11.9% m-o-m to 180,848 contracts in June. The group of investors reduced their short positions sharply by over 80% to 21,744 contracts.

Gold’s OIV decreased by 12.9% m-o-m to a record low of 378,664 contracts in June. However, strategic investments in gold rose by 4.2% m-o-m to 44,612 contracts in June, raising their bullish bets. Earlier in the month, hedge funds and money managers slashed their bullish bets in gold futures and options to their lowest levels in six years, as gold prices fell to a three-year low.

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