April 26.- may 2. weeks involving COT-report data on the basis of the test funds, a further reduction in long positions (the test commodity futures products based on turnover) – stands out in the oil-long stock of a 20% fall. The oil-long cut on the before the oil last Thursday, down 47 USD/barrel level of support. It is expected to decline further and the long/short ratio, but it should also stabilising the market.
The saudi oil minister’s statement that the production reduction agreement should be extended to the second semester, he started with some price increases, but this is soon exhausted, and the oil couldn’t break through the now withstand operating at 47 USD per barrel level.
Accelerated silver for sale, reduced by a third in the net long stock. Three weeks ago, a record long files that would be changed about the COT report, this latest report says almost halved. Increased the sale of gold – this is six weeks after purchase. If one takes into account that the last couple of weeks that will compete in the gold, then we can say that the long positions recent 10% back after the left square is the new sales. This risk strengthens, the Fed’s open market Committee, to put it mildly, he left the possibility of a June rate increase.
The hedge funds by 25%, bought back the dollar rise play position from their the 2 may equal to closing one-week period, which is primarily the euro, the demand for strengthening caused. Over the past three years the COT-report included in the fund’s overall net short position they maintained in euro. This is the last weekly decline in more shorts for the closure, rather than fresh made.
The short sale I closed was observed in the swiss franc and the pound in the case of, while the yen and the australian dollar gave the funds. The yen, in the case of sales, the main reason is the safety shelter in nature decline in demand. The commodities market is a deterioration of prospects of further sales resulted in the commodity exposure$, i.e., the CAD, the NZD and the AUD, in the case of. Behind all this is the raw materials for chinese demand is uncertain of.
(source: Ole Hansen, Saxo Bank)