- Speculative futures positions across sectors increased by 5% or 94,000 lots last week as hedge funds and money managers added to long positions. - Investors added to short dollar positions, with the accumulated dollar short now at $30 billion, close to last year's peak of -$35.16 billion. - Long positions in WTI crude oil rose by 21k contracts and positions in grains, which make up 56% of total speculative positions, rose significantly.

1. CFTC: Speculative positioning as of February 1st
Source: Bloomberg

2. Combined speculative futures positions across sectors
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3. Speculative long futures rising by five percent.
 Last week hedge funds and money managers added five percent or 94,000 lots of futures to already
elevated long positions. All sectors apart from metals saw an increase.
 During the same time period investors added to their dollar short positions with the accumulated
dollar short on IMM futures now standing at USD 30 billion. This is getting close to last year's peak
short dollar position of -35.16 billion
 Energy: The long WTI crude position rose by 21k as spill over buying from the unrest in North Africa
and from Brent crude which broke above USD 100.
 Grains: Investors continue to add to speculative long positions in the grain sector which in terms of
futures lots now represents 56 percent of the total speculative position across all sectors. Last week
saw a very strong 35k increase in the soy complex while wheat (+4k) and corn (+16k) also rose.
 Softs: Panic buying of sugar ahead of cyclone Yaris triggered a 14k rise in sugar positions.
 Metals: Small reductions in gold and silver offset by rise in copper with the price on London Metal
Exchange reaching a new record high above USD 10,000 per metric tons.
 Background information: The Commitments of Traders is a report issued by the Commodity Futures Trading Commission
every Friday with data from the previous Tuesday. It comprises the holdings of participants in various U.S. futures
markets split into "commercial" and "non commercial" holdings. The non commercial or speculative holding are typically
institutional investors such as hedge funds and CTAs. The above chart tracks a total of 25 different commodities split into
sectors.
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4. Metals: CFTC Speculative positions in lots
Gold Silver
280.000 55.000
260.000 50.000
240.000 45.000
220.000 40.000
200.000 35.000
180.000 30.000
160.000 25.000
140.000 20.000
Platinum Copper
35.000 35.000
30.000
30.000
25.000
25.000 20.000
20.000 15.000
10.000
15.000
5.000
10.000 -
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5. Energy: CFTC Speculative positions in lots
WTI Crude (NYM+ICE) Natural Gas
250.000 -130.000
200.000 -150.000
150.000 -170.000
100.000 -190.000
50.000 -210.000
- -230.000
Heating Oil Gasoline
50.000
90.000
40.000 80.000
30.000 70.000
20.000 60.000
50.000
10.000
40.000
- 30.000
-10.000 20.000
10.000
-20.000
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6. Softs: CFTC Speculative positions in lots
Sugar Coffee
200.000
50.000
180.000
40.000
160.000
30.000
140.000
20.000
120.000
10.000
100.000
-
80.000
Cocoa Orange Juice
40.000 18.000
30.000 16.000
14.000
20.000
12.000
10.000
10.000
- 8.000
-10.000 6.000
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7. Misc: CFTC Speculative positions in lots
Cotton Feeder cattle
60.000 20.000
50.000 15.000
40.000
10.000
30.000
5.000
20.000
10.000 -
- -5.000
Live Cattle
120.000
100.000
80.000
60.000
40.000
20.000
-
-20.000
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8. Grains: CFTC Speculative positions in lots
Soybeans Wheat (CBT+KCB+MGE) Corn
600.000
500.000
400.000
300.000
200.000
100.000
-
-100.000
23/02/10 23/03/10 23/04/10 23/05/10 23/06/10 23/07/10 23/08/10 23/09/10 23/10/10 23/11/10 23/12/10 23/01/11
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