Total open interest rose again, to 543,674 from 523,078, with the proportion of spreads remaining unchanged, at 12.3% of the total.
All the nett positions increased once again, with commercials now short 52.3%, big specs long 42.8%, and small specs long 9.5% - none of these are out of the ordinary.
Percent figures (after excluding estimated spreads) were:
Market long positions - Commercials 36.1% (from 38.0%), Big Specs 50.5% (from 49.0%), Small Specs 13.4% (from 13.0%)
Market short position - Commercials 88.5% (from 88.4%), Big Specs 7.7% (from 7.4%), Small Specs 3.8% (from 4.2%)
Commercials cutting longs (slightly) and adding to shorts (considerably) still suggests prices will move higher with difficulty.
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