Hedge Funds Bet Right Before Longest Winning Streak: Commodities
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Hedge funds boosted their bullish commodity bets above 1 million contracts as mounting speculation that China will take more steps to boost growth spurred the longest rally in prices since February.
Speculators raised their net-long positions across 18 U.S. futures and options by 8.9 percent to 1.05 million contracts in the week ended July 10, Commodity Futures Trading Commission data show. That’s the highest since April 3. Wagers on a wheat rally reached a record. The Standard & Poor’s GSCI Spot Index of 24 raw materials climbed for a third consecutive week, jumping 10 percent in the longest winning streak since Feb. 24.