Speculators Focus on Energy Crunch and Dollar Strength

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Saxo Bank publishes weekly Commitment of Traders reports (COT) covering leveraged fund positions in commodities, bonds and stock index futures. For IMM currency futures and the VIX, we use the broader measure called non-commercial.

This summary highlights futures positions and changes made by hedge funds across commodities, forex and financials up until last Tuesday, September 28. A week that saw continued risk adversity drive stocks lower and the dollar higher in response to China property sector debt concerns, the global energy crunch, and surging treasury yields on heightened Fed taper expectations.

Commodities

The Bloomberg Commodity index, which does not include surging prices in EU and Asian gas prices, coal and carbon emissions, jumped 5.4% in the week to September 28, with gains seen across most sectors led by energy and soft commodities. Overall speculators were net buyers of 16 out of the 24 major commodity futures tracked in this update,…

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