bullish
Commodity Hedge Fund Positioning & Red Sea Update
SUMMARY
- CTA Positioning Update According to UBS’ biweekly CTA momentum study, CTAs bought oil and sold precious metals in size in February.
- The investment bank expects ⅔ of those flows to reverse in the next two weeks.
- CTA’s have meanwhile built a decent short position in agriculturals, and flows should remain negative there.
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