【出版时间及名称】：091229+CFTC Commitment of Traders
【作者】：Deutsche Bank
【文件格式】：PDF
【页数】：11
【目录或简介】：
RBOB gasoline: Net length at a 10 week low
Palladium: Net length at an all-time high
Sugar: Net length at an 11 week high
In the week ending 22 December 2009:
    The speculative community exhibited a mixed assessment towards the
energy complex. Net length in Nymex WTI and ICE WTI rose along with an
increase in prices during the week. We believe the greater than expected fall
in crude oil inventories reported by the EIA last week has helped the
rebuilding in net length. Net length in RBOB gasoline fell to a ten week low
alongside a decrease in prices while net length in heating oil rose as prices
strengthened during the week. Meanwhile net shorts in US natural gas rose
even as prices hit their highest levels since January 2009. We believe a
moderate turn in the Northeast & Midwest weather may pose downside price
risks along with further selling pressure as inventories remain at high levels.
    The speculative community exhibited a relatively bearish stance towards the
metals complex. Net length in Comex copper fell with little change in prices
during the week. Net length in gold decreased as prices weakened to a seven
week low. We expect dollar seasonal strength in January could be a potential
hazard for the gold market given speculative length is still close to its extreme
levels. Meanwhile net length in silver increased even as prices dropped to an
eight week low. In PGMs, net length in platinum fell week-on-week while net
length palladium hit a new all time high despite prices declining during the
week.
    The speculative community exhibited a mixed stance towards the agricultural
complex. Net length in corn rose as prices advanced during the week. Net
shorts in wheat increased significantly over the week as prices retreated
during the same period. Net length in soybeans shrank while net length in
sugar increased to an eleven week high in sync with a rally in prices.
Disaggregated COT report.
    During the latest reporting week, money managers and other reportables
increased net length and reduced net shorts in WTI respectively. At the same
time, producers/merchants increased their net shorts in WTI.
   In the metals complex, net length in gold declined as money managers and
other reportables categories decreased their net length. Money managers
halved their net length in copper from its highest level since April 2008 over
the past two weeks.
   In the agriculture complex, money managers switched to net shorts in wheat
after nine weeks of being in net long territory. Meanwhile, the same trading
category increased their net length in sugar and cut their net length in
soybeans.