bullish
Fund Managers Commodity Positioning // Cocoa’s Historic Run Continues…
SUMMARY
- Fund Manager Positioning In March fund managers added to their energy position but reduced overall commodities like grains, softs and metals on a MoM basis — the latest BofA survey shows.
- Investors have been underweight commodities now for the past 4 months (longest underweight streak since Aug'19) Compared to the past 20-year z-score, fund managers remain heavily underweight in commodities and even more in energy.
- In March fund managers added to their energy position but reduced overall commodities like grains, softs and metals on a MoM basis — the latest BofA survey shows.
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