巴黎银行-全球-商品策略-商品定位；上升趋势阶段的准时调整-20180222-14页

CommodityQuantStrategy20February2018www.globalmarkets.bnpparibas.com1CommodityPositioning;justapunctualadjustmentinanupwardtrendphase?Therewasanincreaseinspeculativepositionslastweekforallbasemetalsbutcopper:BNPPbasemetalsscoreisstillaboveneutrallevels(6.5outof10).?Consolidatedstocksimprovedfromlastweekmostlyduetothecorrectionseenincopperandaluminium.?Nickelcontinuestohavethemostsupportivepositioningscore.Aluminiumandzincareoverbought;LMEstocksreachedthelowestvaluesinthelastsevenyears.?Asidefrombasemetals,silverpositioningremainsatoversoldlevels.?Sameaslastweeks,thedifferencebetweentheDOEcrudeoilinventoryandthe12-monthmovingaverageisatrecordlows.?NaturalgasandBrentcrudeoilweretheenergyassetswiththelargestreductioninspeculativepositions(z-score).Despitethedropinspeculativepositions,bothBrentandWTIcrudeoilremainover