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2025-12-13 Saturday

2025-12-20

07:53:36

[Undercurrents in the Crude Oil Market: Speculators Increase Bearish Bets Against the Trend] ⑴ The latest CFTC positioning data shows that in the week ending November 18, "managed funds," mainly hedge funds, increased their net short positions in US crude oil futures and options. Their combined net short positions in New York and London contracts increased by 9,479 contracts, reaching -30,030 contracts. ⑵ Specifically, in WTI crude oil futures and options on the New York Mercantile Exchange, managed funds' net positions turned to a net short of 3,321 contracts, a decrease of 6,499 long contracts or an increase of the same amount of short contracts compared to the previous week. ⑶ In contrast to the bearish sentiment of speculators, the "producers/traders/processors/users" group (who typically engage in commercial hedging) increased their net long positions by 18,969 contracts to 326,716 contracts, indicating that the spot market players are more inclined to sell hedges or reduce buy hedges at the current level. ⑷ In the refined oil market, sentiment is diverging. Managed funds significantly increased their net long positions in RBOB gasoline futures and options by 22,130 contracts to 100,208 contracts, indicating a relatively optimistic outlook for gasoline; while their net long positions in heating oil remained largely unchanged. (5) Total open interest (open contracts) saw a significant decline, with total open interest in WTI crude oil on NYMEX and ICE decreasing by 189,939 contracts to 3,157,103 contracts. This may indicate that some funds exited the market to observe during price fluctuations or consolidated their positions. (6) The increasingly divergent positions of speculative funds and industrial capital in crude oil reflect a profound disagreement in the market regarding supply and demand prospects: speculators may be more concerned about macroeconomic demand and inventory pressure, while industrial players may be managing risk based on costs or forward curves.

07:52:24

[Commodity Markets Experience Dramatic Shifts: Speculators Cover Short Positions, Signaling a Bull Market in Agricultural Products?] ⑴ The latest CFTC Commitment of Traders report shows significant changes in the positions of large speculators (non-commercial traders) in key agricultural futures markets during the week ending November 18, signaling a strong shift in market sentiment. ⑵ Speculators drastically reduced their net short positions in Chicago corn futures by 82,645 contracts, bringing the total net short position down to 79,478 contracts; they also reduced their net short positions in wheat by 5,097 contracts to 55,786 contracts. ⑶ In stark contrast to grains, speculators actively went long in soybean futures, increasing their net long positions by 29,884 contracts to a total net long position of 163,716 contracts, indicating a particularly strong bullish sentiment towards the oilseed sector. (4) Categorized data shows that "managed funds" (usually commodity funds) significantly increased their net long positions in corn, soybean, and soybean meal futures, adding 77,649, 35,182, and 29,285 contracts respectively. This is the main force driving the bullish market sentiment. (5) At the same time, the "producers/traders" group, representing commercial hedging forces, maintained and expanded their net short positions in corn, soybeans, and other commodities. This contrasts with the bullish sentiment of speculators, reflecting the divergence of expectations between the spot industry and financial capital. (6) The large-scale adjustment of speculators' positions, especially the significant short covering in the corn market and the aggressive increase in soybean long positions, may indicate that after a period of consolidation, market funds are reassessing the fundamental gaps and upside risks in agricultural products, particularly oilseeds and grains.

07:52:11

[The battle between bulls and bears intensifies, with institutions and speculators engaging in a "battle of offense and defense"] ⑴ Data released by the U.S. Commodity Futures Trading Commission on Friday showed that in the week ending November 18, equity fund managers slightly increased their net long positions in S&P 500 futures by 3,929 contracts to 907,446 contracts. ⑵ Meanwhile, equity speculators (often considered a contrarian or trend-following force in the market) significantly reduced their net short positions by 69,368 contracts to 354,262 contracts. ⑶ In terms of specific positions, fund managers held a total of 1,132,009 long contracts and 224,563 short contracts, with a large net long position, indicating that professional institutions maintain a bullish view on the overall outlook for U.S. stocks. (4) In contrast, speculators held 184,109 long positions and 538,371 short positions. Although the net short position decreased significantly, it still maintained a considerable net short position, indicating that their cautious or bearish sentiment, while easing, had not reversed. (5) The above position changes reveal a significant divergence among market participants: "smart money," represented by fund managers, firmly held long positions while slightly increasing their holdings, while trading desks, represented by speculators, were forced or actively covered a large number of short positions during the market rise, which may have alleviated some selling pressure for the market to continue rising.

07:43:03

NYMEX Palladium inventory changes in the US on December 11th - Daily

Previous : 0 Forecast : -

Published Value 0

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07:43:01

NYMEX palladium inventory in the US on December 11th - Updated Daily

Previous : 1892.30 Forecast : -

Published Value 1892.30

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07:42:56

NYMEX platinum inventory changes in the United States on December 11th - Daily

Previous : 0 Forecast : -

Published Value 0

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07:42:53

NYMEX platinum inventory in the US on December 11th - Updated Daily

Previous : 6145.61 Forecast : -

Published Value 6145.61

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07:42:38

COMEX silver inventory changes in the US on December 11th - Daily

Previous : -5980.58 Forecast : -

Published Value -24573.43

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07:42:34

U.S. COMEX Silver inventories as of December 11 - Updated Daily

Previous : 4558171.17 Forecast : -

Published Value 4533597.74

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07:42:27

COMEX gold inventory changes in the US on December 11th - Daily

Previous : 174.26 Forecast : -

Published Value -1478.53

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07:42:22

COMEX gold inventory in the US on December 11th - Updated Daily

Previous : 361156.06 Forecast : -

Published Value 359677.52

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07:40:37

SPDR Gold position changes in the US on December 12th - Daily

Previous : 4.01 Forecast : -

Published Value 2.29

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07:40:32

SPDR Gold positions in the US on December 12th - Updated Daily

Previous : 1050.83 Forecast : -

Published Value 1053.12

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07:40:17

iShares Silver position changes in the US on December 12th - Daily

Previous : 0 Forecast : -

Published Value 19.74

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07:40:10

iShares Silver Holdings in the US on December 12th - Updated Daily

Previous : 16083.16 Forecast : -

Published Value 16102.90

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07:39:34

iShares Gold position changes in the US on December 12th - Daily

Previous : 0.23 Forecast : -

Published Value 1.93

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07:39:19

iShares Gold Holdings in the US on December 12th - Updated Daily

Previous : 486.49 Forecast : -

Published Value 488.42

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04:51:16

According to reports, President Trump favors either former Federal Reserve Governor Kevin Warsh or National Economic Council Director Kevin Hassett to head the Fed next year. In an interview in the Oval Office on Friday, he stated that Warsh was his first choice, saying, "There are two Kevins, and I think they are both excellent. Of course, there are several other candidates who are also excellent." Hassett has become increasingly seen as the frontrunner after Trump repeatedly hinted at his choice of Fed chair in recent weeks. However, Trump's latest statement indicates that Warsh remains firmly in the running. Sources familiar with the matter revealed that Trump met with Warsh at the White House on Wednesday for 45 minutes and pressured him, asking if he could guarantee support for interest rate cuts if elected. In an interview, Trump confirmed this, stating, "He thinks we have to cut rates, and everyone I've spoken to thinks so." Trump also said he believes the next Federal Reserve chairman should consult him when setting interest rate policy, saying, "We don't usually do that anymore, but it used to be standard practice, and it should be. It doesn't mean he has to do exactly what I say, but my opinion is valuable and should be heard." When asked about his desired interest rate level a year from now, Trump said, "1%, maybe even lower," adding that a rate cut would help the U.S. Treasury reduce the financing costs of its $30 trillion government debt, and that "we should have the lowest interest rates in the world."

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