Speculators still short on copper, huge corn longs

Speculators have increased their short positions on the copper during the last week of July for a total 7, 636 net short contracts on an increased open interest data from the  Commodity Futures Trading Commission (CFTC) as of July 27.

The direction of the copper price is an important indicator for the equities because stocks are highly correlated with this metal.

Following the reports on drought, long positions on corn have skyrocketed during the month of July to 210,401 bullish bets from a short position on the month before. Open interest on corn have gone up nearly 90,500 bets (crowded trade?).

Bets on wheat have also turned bullish after months of short positioning, as has sugar and lean hogs.