28 Feb 2016
Commodities - CFTC report and longer oil - TDS
Analysts at TD Securities offered the CFTC Commitment of Traders Report for the week ending February 23rd, 2016 for the commodities sector.
Key Quotes:
Gold specs increased their net long holdings by an aggressive 30.35k lots, which is the equivalent of 3.1% of open interest. Continued equity market volatility, talk of negative interest rate central bank policies and rising prices prompted investors to cover short positions and increase longs. Speculative appetite for long gold exposure reflects firming safer haven physical ETF demand.
WTI cruder oil investors also increased length by the equivalent of 1.6% of open interest by building new long exposure and aggressively covering short positions. Investors are looking beyond high inventories and focusing instead on dropping US production levels and chatter that OPEC is ready to put a lid on output.
Spec palladium net longs dropped by a sharp 6.1% of open interest, as they cut long exposure and increased short holdings in response to demand concerns.
Key Quotes:
Gold specs increased their net long holdings by an aggressive 30.35k lots, which is the equivalent of 3.1% of open interest. Continued equity market volatility, talk of negative interest rate central bank policies and rising prices prompted investors to cover short positions and increase longs. Speculative appetite for long gold exposure reflects firming safer haven physical ETF demand.
WTI cruder oil investors also increased length by the equivalent of 1.6% of open interest by building new long exposure and aggressively covering short positions. Investors are looking beyond high inventories and focusing instead on dropping US production levels and chatter that OPEC is ready to put a lid on output.
Spec palladium net longs dropped by a sharp 6.1% of open interest, as they cut long exposure and increased short holdings in response to demand concerns.