| Commodities Review: Commitment Of Traders (COT)$USO, $UGA, $UNG, $GLD, $SLV, $PPLT
Speculators and traders were mixed over the energy complex in the week ended 28 July. Net LENGTH for Crude Oil futures -10, 264 contracts from a week ago to 253,419. Net LENGTH of Heating Oil +8,043 contracts to 12,557. Net LENGTH for Gasoline -1 747 contracts to 48 833. Net SHORT for Nat Gas +14,987 contracts to 208,442. Precious Metals: With the exception of Silver, speculators and traders were Bearish over the precious metal complex last week. Net LENGTH for Gold future -3,814 contracts to 24,465. Net LENGTH for Silver futures + 2,051 contracts to 6 296. For PGMs: Net LENGTH for Platinum -1 056 contracts to 19,083, Ner LENGTH for Palladium -454 contracts to 5, 592.
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Traders notes
In the US, the Key is Friday’s employment report. The market expects the number of payrolls increased to 225-K in July, after a 223-K increase a month ago. The unemployment probably stayed unchanged at 5.3%.
Wednesday’s ADP employment report and non-manufacturing ISM would likely give some hints to the employment outlook.
In Asia-Pacific RBA’s meeting Tuesday would bring no policy change.
Expect policymakers would maintain release an easing bias in the Statement on Monetary Policy due Friday. For the jobs date due Thursday, Australian payrolls probably shows a +15-K increase in July.
Stay tuned…
HeffX-LTN
Paul Ebeling
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