Funds Cut Commodity Bets to One-Year Low on Growth Outlook

Funds reduced bullish bets on commodity prices to the lowest level in almost a year on speculation that slowing global growth will curb demand for metals, energy and grains.

Speculators cut their net-long positions in 18 U.S. commodities by 15 percent to 958,309 futures and options contracts in the week ended June 28, government data compiled by Bloomberg show. That’s the lowest since the week ended July 13 last year. Declines were led by a 67 percent drop in holdings of soybean meal. Investors trimmed bets on silver by 26 percent, the most since May 2010.