Signs of surplus dull commo shine
S&P indicator set for first fall since 2008 with bumper harvests and inventories
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[CHICAGO] Speculators have gotten the most bullish on commodities since October, buying more gold, cotton and soya beans, before prices fell the most in six weeks on signs of surplus supply.
The net-long position across 18 US-traded commodities rose 8.9 per cent to 677,505 futures and options in the week ended Dec 10, the highest since Oct 29, US Commodity Futures Trading Commission (CFTC) data show. Gold wagers rose for the first time in six weeks. The Standard & Poor's GSCI gauge of 24 raw materials fell 1.3 per cent last week, the most since Nov 1.
The S&P GSCI gauge is heading for the first annual decline since 2008 after ample rainfall boosted harvests and mines expanded output. US fuel inventories jumped the most in 11 months in the week ended Dec 6, government data show. World production of coffee, corn, wheat and soya beans will be bigger than estimated, the US Department of Agriculture said.
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