Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
COMMODITIES
- While global risk on environment has kept copper prices to a 10Y high, net speculative positions have decreased significantly in the past two months, down nearly 60K to 18.5K contracts in the end of May (CFTC).
- This chart shows that the two times series have been diverging sharply since the start of the year after co-moving strong in the past cycle.
- Interestingly, the significant fall in copper net specs seems to have been linked to the fall in Chinese liquidity we have seen in recent months (the annual change in China Total Social Financing 12M sum has been falling aggressively since the start of the year).
- It seems that speculators are not confident that the rally in commodities could continue without Chinese 'help'.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok