by Joerg Bernhard
The CFTC’s Commitments of Traders report, published on Friday, showed increased optimism thanks to a sharp reduction in short exposure among both large and small futures speculators. Although the number of open contracts (open interest) fell from 128,900 to 121,250 futures (-5.9 percent) in the week ending November 29, large speculators (non-commercials) still saw an increase in the net long position ( optimistic market expectations) from 16,800 to 17,500 contracts (+4.2 percent). Small speculators (non-reportables) increased their net long position on a weekly basis from 10,900 to 11,500 futures (+5.5 percent). This means that the confidence of both groups of speculative market players is still significantly lower than at the turn of the year 2021/22, which shows considerable pent-up potential.
On Monday morning, the gold price presented itself with rising prices. By around 7:45 a.m. (CEST), the most actively traded futures on silver (March) had risen by 0.13 to 23.38 dollars per troy ounce.
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Crude Oil: Prudent start to the week
After the upper price limit for Russian crude oil was set at 60 dollars per barrel by the G7 countries on Friday evening, the oil price showed a slight upward trend at the start of the week. However, the unchanged subsidy policy of the OPEC+ countries and the slight easing of the Chinese Covid-19 restrictions are also likely to have been partly responsible for the positive start to the week. Given this “trio of good news,” the fossil fuel’s response can almost be viewed as disappointing.
Oil prices were higher on Monday morning. As of around 7:45 a.m. ET, the next-dated WTI future was up 0.42 to $80.40, while its Brent counterpart was up 0.28 to $85.85.
Editorial office finanzen.net
More news about the silver price
Image sources: Degussa Goldhandel GmbH, Julian Mezger for Finanz Verlag