JPMorgan-Commodity Market Positioning Flows Global commodity open i...-106723537

JPMORGANGlobalCommoditiesResearch27February2024CommodityMarketPositioning&FlowsGlobalcommodityopeninterestdeclinesforasecondconsecutiveweekasenergyandEUAcarbonpricessoften•TheestimatedvalueofopeninterestacrossglobalcommoditymarketsGlobalCommoditiesResearchdeclinedforasecondconsecutiveweek,fallingby1.2%WOW($14.5GregoryC.Shearerbillion)to$1.19trillionasdeclinesacrossoil&refinedproductsandgrains&oilseedsmarketsledthecomplexlower(asof23Feb,Table1).GlobalThestimadvluofcyrkpnjgbx-1.2%~$w3F(44-20)7134-8161commoditymarketsexperienced$2billioninnetoutflows(calculatedgregory.c.shearer@jpmorgan.comacrossalltradertypes)asoutflowsfrombasemetalsandagriculturewereJ.P.MorganSecuritiesplconlypartiallyoffsetbyinflowsintocrudeoilandbulkcommodities(Figure1).204YTDglobacmditesfwrp$67nxuhvkNatashaKaneva•Theestimatedvalueofthenetinvestorpositionaggregatedacross(1-212)834-3175natasha.kaneva@jpmorgan.comcommoditymarketsincreasedby13.3%WOW,asnetlengtheningacrossJPMorganChaseBankNAmetals,agriandenvironmentmarketsoutweighednetshorteninginenergymarkets(20Feb,Figure3).InvestorslengthenedtheirnetlongShikhaChaturvediThevaluoftngisrpcbmdyk13%WO(1-212)834-3245shikha.chaturvedi@jpmorgan.comnotionalpositionacrosspreciousmetalsmarketsby14%(+$4billion)JPMorganChaseBankNAovertheweek.Energymarketnotionalnetinvestorlengthdeclinedby7%WOW(-$1.2billi...