Gold Longs Ease, Crude Oil Bulls Await OPEC, Copper Outlook Weakens
COT Report: Evaluation & Information
- Oil Bulls Await OPEC Assembly
- Gprevious Longs Liquidated Amid Consolidation
- Copper Outlook Rising More and more Bearish
Oil: As OPEC appears set to increase its present manufacturing quota with a small bullish threat that the cuts may very well be deepened (As a reminder, OPEC sources hinted at deeper oil cuts of 400kbpd). Hedge funds prolonged their lengthy positions in Brent crude, which in flip has saved oil costs considerably underpinned, consequently, speculators now maintain the biggest bullish wager in Brent crude oil because the finish of Might.
Gold / Silver: The continued consolidation between $1450-1480 prompted speculators to liquidate some lengthy positions, which had been reduce by 8%, whereas quick positions rose 1%. In flip, this noticed web lengthy positions reduce by over 20ok contracts to the smallest bullish wager since mid-June. That stated, provided that commerce struggle uncertainty persists, draw back in gold is considerably restricted to $1450. (Of word, on the…