Economic Times – Hedge funds reduced wagers on a rally in commodities to the lowest this year on mounting speculation that Greece will leave the euro, slowing global growth and curbing demand for everything from copper to soybeans.
Money managers reduced net-long positions across 18 US futures and options by 15% to 616,841 contracts in the week ended May 15, the lowest since December 27, Commodity Futures Trading Commission data show. Gold bets fell for a second week and to the lowest since December 2008, while copper holdings tumbled 69%, the most in five weeks. Cotton wagers dropped to the lowest in five years.
