Data released on Tuesday shows that hedge funds have pulled money out of commodities for a third straight week. The index has 23 commodities and nearly 20 of those have seen money being taken out. The net long positions that have been holding, have seen some unwinding of positions.

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In the agricultural trade commodities, the longs declined by nearly 10 percent in the previous week itself. The total holdings now stand at a 10-month low.

Corn has seen the bullish positions decline since December lows and the long positions in soybean have been cut into halves in the last three weeks.

In terms of energy, the natural gas bets have declined by 7 percent. The Brent crude oil bullish positions are the lowest in five months but there have been further positions built into the US crude.

There has been a lot of volatility in the metals space. Copper's long positions are now at the lowest in 10 months. Within the metals space, gold has continued to gain where the long positions now stand at the highest in 20 weeks.

Coffee is a bright spot. The prices are trading at a four-year high and the long positions are the most bullish in the last eight months.

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(Edited by : Abhishek Jha)

First Published:Jun 2, 2021 2:13 PM IST