British
Pounds - Values slightly lower, to 1.6190 on Tuesday 25th; total
o/i up, to 172,103, with spreads very low, at 135.
Nett differences:
Commercials -53922, from -37352. Large
Specs +27137, from +14412.
Small Specs +26785, from +22940.
Proportions:
Commercials (55.0% of total o/i) - 39.3% of Longs, 70.7% of Shorts, balance minus 31.4
Large Specs (27.5% of total) - 35.4% of Longs, 19.6% of Shorts, balance plus 15.8
Small Specs (17.5% of total) - 25.3% of Longs, 9.7% of Shorts, balance plus 15.6
Commercials have added a little to their longs, but even more to their shorts, taking them to their biggest minus balance this year. Basis May 8th (a week after prices reached their rally high, and before a fall of almost 800 points), Commercials were nett minus 24.3, Large Specs nett plus 12.7, and Small Specs nett plus 11.6 - all these figures have now been exceeded. On this basis, we maintain last week's opinion - we
look for a fall in prices soon.
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