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 stored oil costs considerably underpinned, consequently, speculators now maintain the biggest bullish guess in Brent crude oil for the reason that finish of Could.
Gold / Silver: The continued consolidation between $1450-1480 prompted speculators to liquidate some lengthy positions, which had been reduce by 8%, whereas brief positions rose 1%. In flip, this noticed web lengthy positions reduce by over 20okay contracts to the smallest bullish guess since mid-June. That stated, on condition that commerce conflict uncertainty persists, draw back in gold is considerably restricted to $1450. (Of be aware, on the seasonal entrance, Gold has tended to backside on the finish of the 12 months with the valuable…