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Commodity Markets

10

OPEC Monthly Oil Market Report – August 2017

Graph 2 - 3: Money Managers activity in key

commodities, net length

Graph 2 - 4: Money Managers activity in key

commodities, as % of open interest

Copper’s OI

increased by 6.4% m-o-m to 276,573 contracts in July. Money managers increased their net

long positions by 32.7% to 73,811 lots on the strong performance of the Chinese economy.

Precious metals’ OI

increased by 1.1% m-o-m to 677,017 contracts in July. Money managers decreased

their net long positions by 74.9% to 38,847 lots, mainly because of decreases in the first two weeks of the

month. The trend reversed in the second half of the month.

-400

-200

0

200

400

600

800

-400

-200

0

200

400

600

800

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Agriculture

Gold

WTI

Livestocks

Copper

Natural gas

Note: Data on this graph is based on monthly average.

Source: US Commodity Futures Trading Commission.

'000 contracts

'000 contracts

-10

0

10

20

30

40

50

60

70

-10

0

10

20

30

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50

60

70

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

%

%

Agriculture

Gold

WTI

Livestocks

Copper

Natural gas

Note: Data on this graph is based on monthly average.

Source: US Commodity Futures Trading Commission.