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Hedge Funds Commodities Rally

Hedge Funds Commodities Rally

Most Hedge Funds Miss Big Commodities Rally

Hedge funds reportedly trimmed their bullish commodities bets significantly before the biggest rally in the sector in 10 weeks.  The missed rally further hurts returns by hedge funds which have, on average, had a rough time predicting the frequent swings in the market this year.
Hedge funds reduced bets on higher commodity prices to the lowest level since 2009 just as raw materials headed for their biggest weekly rally in two months. 
Money managers cut their combined net-long position across 18 U.S. futures and options by 15 percent to 454,512 contracts in the week ended Dec. 20, the lowest since March 2009, data from the Commodity Futures Trading Commission show. The Standard & Poor's GSCI gauge of 24 commodities climbed 4.5 percent last week, erasing this year's declines and pushing the index toward its third consecutive annual advance. 
While the S&P GSCI is 15 percent below the 32-month high reached in April, prices gained last week on signs the U.S. economy is proving resilient. Durable-goods orders rose in November by the most in four months, and jobless claims unexpectedly fell to the lowest in more than three years. Concern that shortages will emerge in commodities from copper to crude oil spurred Goldman Sachs Group Inc. to stick with a bullish outlook this month even as funds cut their holdings. Source

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