Libyan Supply Returning

Meanwhile, CFTC data shows that speculators increased their net long position in COMEX copper by 10,611 lots over the last reporting week, leaving them with a net long of 87,308 lots (the highest since mid-Jan 2018) as of last Tuesday. For precious metals, speculators reduced their net long in COMEX gold by 34,162 lots, to leave them with a net long of 131,089 lots. The price action we have seen in gold since Tuesday suggests that speculators have likely reduced their net long in the precious metal even further since.

Agriculture

A survey by the Thai Sugar Millers Corporation shows that sugar production from Thailand could drop to 7.2mt in 2020/21 (down around 13% YoY) due to lower cane availability. The cane crush could slide by around 10% YoY to 67.5mt, while yields are also likely to remain soft. If realized, Thai sugar output would be the lowest in a decade due to dry weather conditions. Thailand’s sugar production has been soft this season (2019/20) as well (down around 40%) due to weather, which has helped tighten the sugar market considerably.

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