Speculators boosted their net long position in raw sugar on ICE Futures US to a record high in the week ended December 1, while they trimmed their net short in arabica coffee contracts, US Commodity Futures Trading Commission data showed on Friday. The noncommercial dealers boosted their bullish bets in cotton and cut their net long position in cocoa futures and options, the data showed.
The dealers boosted their raw sugar net long for the third straight week, raising it by 2,045 contracts to a record-high 163,208 contracts, as prices remained near their highest levels since January. They nearly doubled their cotton bullish bets, adding 18,250 contracts for a net long of 39,666 contracts, the highest level since the week ended August 25, as prices rose to their highest levels in more than a month.
The speculators trimmed their arabica coffee net short position for the second straight week, shedding 131 contracts for a bearish bet of 26,166 contracts, as prices bounced back from recent near two-year lows. The dealers reduced their cocoa bullish bet for the first time in six weeks, shedding 166 contracts for a net long of 57,076 contracts, as prices fell to two-week lows.
News source: Reuters