Hedge funds cut bullish commodity bets by the most in a
month as the Federal Reserve warned the U.S. budget impasse may damage the
economy, increasing concern about demand just as prices head for the first loss
since 2008, Bloomberg reports.
Speculators and money managers decreased net-long positions
across 18 U.S. futures and options by 11 percent to 802,817 contracts in the
week ended Dec. 11, U.S. Commodity Futures Trading Commission data show. Sugar
holdings tumbled 68 percent, the most in five years, and those for wheat
dropped to the lowest since June. Wagers on higher crude-oil prices tumbled 21
percent, the most since May….
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