Salient to Investors:
Hedge funds cut bullish wagers on commodities by the most since June, copper holdings fell to an eight-week low, gold wagers are the smallest since September, and oil the lowest in four months.
Sales trailed estimates at 59 percent of US companies that released Q3 results through Nov. 2.
Rob Haworth at US Bank Wealth Mgmt said it’s hard to see upward price pressures in commodities in such slow growth and while supplies are sufficient for current demand.
Mihir Worah at Pimco sees signs of bottoming in the global economy, which should be supportive of commodity prices, and overall good inflows with people differentiating more among commodities.
Cameron Brandt at EPFR Global said money managers added a net $16 million to commodity funds in the week ended Oct. 31, with $154 million going to gold and precious metals.
Stanley Crouch at Aegis Capital said investors are growing more concerned as the US closes in on the fiscal cliff and we remain in a perilous state despite some recent signs of stabilization. Crouch said Chinese metrics are better, but Europe is in a big slowdown.