/NG on the Oct 22, 2017

Futures for natural gas are still in a flat at the lower end of the price range. At a penetration annual minimum price rebounded sharply to a level of $ 2.9.

An interesting point is the following: The open interest is not reduced and Commercial Group net position declined.

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/HG on the Oct 22, 2017

Copper futures renewed the local maximum and the price closed above the previous high. It’s good that the open interest of the accrued short positions of the Commercial group has increased dramatically. We are waiting for further consolidation of the price under the level of $3.2.

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/CL on the Oct 22, 2017

Oil futures are still in the flat. The net position of the Commercial almost didn’t decrease, while the open interest stands still – all this means holding a short position (in the review about intermarket analysis I will later explain why).

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/NG on the Oct 10, 2017

Futures on natural gas (/ NG) at its minimum, the open interest and growth of a net position Commercial group shown on the growing demand for this instrument.

At the beginning of May 2017, the net position was negative and the maximum open interest showed that they were building up short positions on the instrument.

In early September, the position became zero – a reduction in open interest.

Now there is an accumulation of long positions – apparently purchased by the beginning of winter.

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/HG on the Oct 10, 2017

The focus was on futures for copper (/ HG).

In early August 2017 was the extreme short position of the Commercial group with open interest at the maximum. The price has rolled away a little, a part of shorts have bought back. It is likely that futures for copper will come to the last high, will update the top and the price will fall.

But, we need to follow the open interest …

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/GC on the Oct 10, 2017

Open interest positions Commercial Group decreased slightly (redemption of the shorts), as well as decreased net short position.

A slight increase (a pullback) is possible to $1310 and a further flat – until we see that open interest in gold futures is growing.

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