Hedge Funds Commodity
Hedge Funds Raise Bullish Bets on Commodities
Hedge funds are bullish on the prices of many commodities, according to recent trading data. The Commodity Futures Trading Commission reports that combined net-long positions held by speculators across 18 U.S. futures and options increased 0.2% to 656,691 contracts for the week ending October 11. Although some hedge funds
recently got burned on a recent sell off of commodities, hedge funds appear to be banking on a rebound.
Money managers are betting on higher commodity prices for the first time in five weeks.
Data from the Commodity Futures Trading Commission shows speculators’ combined net-long positions across 18 U.S. futures and options rose 0.2% to 656,691 contracts for the week ending October 11.
The Standard & Poor's GSCI Index of 24 commodities rose 5.2% last week, its biggest jump since December.
According to Bloomberg, hedge funds had cut their bets by 49% in the previous four weeks.
Of the 24 futures tracked by the S&P GSCI, 21 rose last week, including sugar (up 11%), soybeans, crude oil (which reached a three-week high) and cattle futures. Cotton, nickel and aluminum fell.
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