Speculators Raise Wagers on Higher Metals by Most Since July: Commodities
Jan. 23, 2012, 11:51 a.m. GMT
[BLOOMBERG, by Debarati Roy]'Speculators raised bets on higher metal prices by the most since July, turning bullish on copper for the first time in four months on signs of growth in the U.S., increasing demand in China and more confidence in Europe.
Money managers expanded combined net-long positions in five industrial and precious metals by 13 percent to 152,665 futures and options in the week ended Jan. 17, Commodity Futures Trading Commission data show. They are now the most bullish on copper since August. Traders increased holdings in silver, the precious metal most used in industry, to the highest since November. Wagers on rising gold prices advanced the most in two months.
The Standard & Poor’s GSCI Spot Index (MXWD) of 24 commodities has risen 1.8 percent this month, led by silver, nickel and zinc. U.S. jobless claims plunged to the lowest in almost four years and factory output expanded the most in a year. Greece neared an accord with creditors that will free up a second round of aid and help contain Europe’s debt crisis. China’s slowest growth in 10 quarters increased speculation the government will allow banks to increase lending.
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