Funds Trim Bullish Commodity Bets as Global Growth May Decline
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Funds reduced bullish bets on commodity prices for the first time in four weeks as Greece’s debt crisis spurred speculation that global growth will decline, curbing demand for raw materials.
Speculators cut their net-long positions in 18 U.S. commodities by 0.9 percent to 1.3 million futures and options contracts in the week ended June 14, government data compiled by Bloomberg show. That’s the first drop since May 17. Declines were led by a 63 percent plunge in bets on rising wheat prices. Natural gas holdings tumbled 41 percent.