Traders betting commodities will be scarcer and more expensive
New data published by the Commodity Futures Trading Commission show that coffee wagers have reached a 33-month high. Meanwhile, hedge funds raised bullish gold wagers to the highest in more than 14 months amid mounting concern that the US economic recovery is weakening.
A measure of speculative positions across 11 agricultural products jumped 22% to 701,961 contracts, the most since September 2012, the commission data show. The S&P GSCI Agriculture Index of eight commodities climbed 9.7% in February, the biggest monthly advance July 2012. The measure is rebounding after tumbling 22% in 2013, the most since 1981.
