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The latest Commitments of Traders report was released, covering positions through Tuesday

Jason Goepfert
2020-12-11

The 3-Year Min/Max Screen shows that "smart money" commercial hedgers continued their recent pattern of selling more copper and yen. As a percentage of open interest, this is their biggest position against copper in 15 years. They're nearing a 100,000 contract short position against metals, which preceded declines in 2016 and 2017, but at worst only led to volatile upside at the start of this year. While not new extremes, they continue to hold heavy positions against contracts like corn, and just agriculture in general. They reduced their net long position a bit in equity index futures but it remains historically high.

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