Bullish bets by hedge fund managers and other speculators are at a one month high from a year long low according to data released Friday. The clearest indication is the investment in gold as fears of the financial meltdown in Cyprus dominated headlines.
The research data from the Commodity Futures Trading Commission was calculated by Reuters showing money managers retaining a net long position valued at US$652 billion across twenty two different commodities traded for the week ending March 19. This is the highest level for net-long managed funds in these markets for the same period.
This period also marked the turnaround from early in the month when the net-long position fell to a low of US$54.3 billion since December 2011. Much of the activity centered on gold, with demand soaring to a one percent rise this week to US$1,607 an ounce of spot pricing last Friday. Other commodities showing increased activity were in corn with US$2.1 billion and natural gas with US$2.4 billion.
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