COT Report: Evaluation & Information
- Oil Bulls Await OPEC Assembly
- Gprevious Longs Liquidated Amid Consolidation
- Copper Outlook Rising More and more Bearish
Oil: As OPEC seems to be set to increase its present manufacturing quota with a small bullish danger that the cuts could possibly 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 wager in Brent crude oil for the reason that 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 mentioned, on condition that commerce struggle uncertainty persists, draw back in gold is considerably restricted to $1450. (Of word, on the…