Money managers dump long commodities bets

Money managers dump long commodities bets
9 April 2012, by Claudia Assis (MarketWatch Blogs)
http://blogs.marketwatch.com/thetell/2012/04/09/money-managers-dump-long-commodities-bets/

Big investors have soured to commodities in the latest week, according to a J.P. Morgan analysis of data from the Commodity Futures Trading Commission.

Across the 22 energy, metals, and agriculture futures the investment bank tracks, the managed money group’s total long exposure, or bets prices will go higher, decreased by about $2.5 billion for the week ended April 3, analysts at J.P. Morgan said.

“Short” bets, or expectations prices will go lower, increased by $2.4 billion for the week.

Among noteworthy moves, J.P. Morgan said the CFTC data for the week showed the money managers have reduced “long” exposure and increased short exposure to New York-traded crude oil.

Managers did the opposite in soybeans.