Investment Flows into Commodities - April 2017

Open interest (OI) increased in February for selected US commodity markets such as crude oil, natural gas, precious metals and livestock, while it declined for agriculture and copper. Meanwhile, in monthly terms, speculative net length positions increased for natural gas but declined for agriculture, crude oil, precious metals, copper and livestock.

Henry Hub’s natural gas OI increased by 7.2% m-o-m to 1,360,858 contracts in March. Money managers increased their net length by 32% to 121,395 lots due to colder-than-average weather at the end of winter.

Copper’s OI decreased by 6.1% m-o-m to 267,518 contracts in March. Money managers decreased their net long positions by 30.4% to 56,263 on receding supply concerns.

Precious metals’ OI increased by 1.2% m-o-m to 632,213 contracts in March. Money managers decreased their net long positions by 7.3% to 145,182 lots.