Hedge Funds and large investors continued to return to the long side of commodities last week with the weaker dollar lending support despite a deteriorating economic outlook for some economies.
As of last Tuesday some 47,000 lots of futures or 3.2% had been added bringing their current exposure to 1,565,000 lots (excl . Natural Gas) or some $110 billion in nominal exposure.
The sectors that gained exposure were energy (+5k), metals (+25k) and especially grains (+38k)
Loosing sectors were softs (-4k) and meats (-17k)
Energy: Natural gas saw the biggest change with recent price rises causing the short position being reduced by 26k lots.
Grains: Investors added 24k lots to already elevated corn positions as adverse weather continues to support prices.
Metals: Gold’s status as a safe haven attracted an additional 19k lots last week but positions are still well below the recent peak.
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