China’s oil and copper demand was strong in September
• Demand for other commodities was weak; the macroeconomic outlook is for a further slowdown in Q4
• We expect copper and oil demand to remain more robust than demand for most other commodities...
Commodity import data for China implies a divergent set of demand circumstances across sectors
• Implied oil demand has rebounded to 3.4% growth, from a y/y decline seen in the previous release
• Robust copper and zinc demand despite the economy; ...
• ETF: Precious metal outflows dominate the ETF investor space following Jackson Hole
• CFTC: Speculators’ bearishness on energy and precious metals continues to grow
• July commodity data shows areas of economic strength but also a setback in the economic recovery
• Weaker metal imports, offset by output and stock draws, result in strongest demand levels so far in 2014
• Crude oil imports are depressed by slug...
• ETF: All commodity sectors, except silver, saw positive ETF flows
• CFTC: Cumulative net spec money outflows continue – this time from energy and metals
• ETF: Positive flows into broad index funds; gold outflows as US jobless claims fall to an eight-year low
• CFTC: A fourth consecutive weekly decline in aggregate net spec driven by oil products and grains
• ETF: Fund flows were positive across the complex with the exception of agriculturals
• CFTC: Speculators have diverted positioning from energy and agriculturals into metals
• ETF: Gold inflows were strong earlier in the week in the run-up to US economic data releases
• CFTC: Bullish sentiment towards precious metals offsets bearish sentiment towards energy, agriculture
• A time to position for (uneven) growth – The global recovery remains very uneven, and in the post-2008 world, the growth trajectory remains flatter (and longer) than in a conventional economic cycle. We expect the next phase of the global cycle to...
• ETF: A strong USD drives flows out of broad-index and gold funds
• CFTC: Aggregate net spec flow is bearish as short positioning grows across agriculturals and gold/silver
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