Commodity Market Positioning & Flows: Commodities OI nears record highs as energy rally extends

This report tracks positioning and fund flows across global commodity markets. The estimated value of open interest rose week over week, driven mainly by energy for a second consecutive week, as crude oil and natural gas prices advanced alongside net contract-based inflows, lifting energy open interest value materially. Inflows into precious and base metals were partly offset by declines in copper, silver and gold prices, with copper the main destination of base metals inflows. Aggregate net investor positioning edged lower, as higher net length in energy was offset by reduced net length in agriculture and precious metals. The economists note a building global inflation impulse, with rising input costs interacting with resilient demand and firm pricing power, and caution that pressure on central banks to hike will persist unless financial conditions tighten materially or consumers pull back. By market, the team stays bullish on copper into year-end on Chinese import demand and supply r