Hedge funds and money managers raised their net long positions in COMEX gold and copper contracts in the week to Feb. 20, US Commodity Futures Trading Commission (CFTC) data showed on Friday. Speculators increased their net short position in silver futures and options, the data showed.
Gold dealers raised their net long position by 7,607 contracts to 187,318 contracts in the week to Feb. 20, according to the CFTC. During the week, gold prices fell on dollar strength and higher US Treasury yields, as investors awaited minutes from the January US Federal Reserve meeting for clues on future US interest rate increases. A strong dollar makes gold more expensive for holders of other currencies, and higher US Treasury yields can pressure bullion, which does not pay interest.
The dealers raised their net long position in copper by 10,902 contracts to 47,021 contracts, according to the CFTC data. Dealers increased their net long position to the largest in seven weeks. Silver speculators increased their net short position by 2,496 contracts to 10,432 contracts, according to the data. This is the most bearish dealers have been in nine weeks.
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