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Commodity Markets

10

OPEC Monthly Oil Market Report – November 2017

Precious metals’ OI

decreased by 4.9% in October. Money managers decreased their bullish bets sharply

following expectations of higher interest rates in the US. Their net long positions declined by 22.2% during

the month to 230,000 contracts.

Graph 2 - 3: Money Managers’ activity in key

commodities, net length

Graph 2 - 4: Money Managers’ activity in key

commodities, as % of open interest

-100

0

100

200

300

400

-100

0

100

200

300

400

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

Oct 17

Gold

WTI

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

-10

0

10

20

30

40

50

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

Oct 17

%

%

Gold

WTI

Copper

Natural gas

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

Source: US Commodity Futures Trading Commission.