Salient to Investors:

Hedge funds et al trimmed net-long positions to the lowest since June 19, and gold holdings fell to the lowest since August.

The S&P GSCI index of 24 raw materials has climbed for 5 consecutive weeks.

Quincy Krosby at Prudential Financial said data out of China and the US shows we are exiting the soft patch, and as long as the data continues to strengthen, we will see traders return to commodities.

Cameron Brandt at EPFR Global said managers pulled a net $263 million from commodity funds last week, $1.07 billion from gold and precious-metals funds.

Michael Lewis et al at Deutsche Bank said energy and industrial metals are undervalued and an accelerating global growth is positive for commodity returns in 2013.

John Toohey at USAA Investments said China is bottoming, recessionary worries in Europe are not as bad, and the global environment is more favorable than a few months ago.

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