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Energy: Open Interest (in thousands)
energy: open interest
Open Interest Change from Last
11/27/2012 Month Year
Crude Oil Futures 1522.1 down -75.4 up 219.6
Futures & Options 2186.3 down -364.7 down -56.9
Natural Gas Futures 1164.8 down -19.1 up 209.7
Futures & Options 1199.2 down -23.6 up 217.6
Heating Oil Futures 300.3 up 3.7 up 29.1
Futures & Options 315.3 down -10.0 up 8.4
RBOB Gasoline Futures 277.1 up 2.6 up 10.8
Futures & Options 283.7 down -1.8 up 9.2
Agriculture: Open Interest (in thousands)
agriculture: open interest
Open Interest Change from Last
11/27/2012 Month Year
Corn Futures 1240.6 down -38.6 up 83.7
Futures & Options 1541.8 down -332.9 up 62.5
Wheat Futures 461.6 down -3.4 up 92.5
Futures & Options 521.9 down -80.7 up 105.5
Soybeans Futures 603.4 down -36.4 up 80.6
Futures & Options 843.3 up 1.7 up 122.9
Soybean Oil Futures 319.6 down -8.2 down -0.8
Futures & Options 370.2 down -17.6 up 3.1
Soft Commodities: Open Interest (in thousands)
soft commodities: open interest
Open Interest Change from Last
11/27/2012 Month Year
Sugar Futures 737.9 up 16.4 up 233.1
Futures & Options 864.1 up 25.0 up 158.6
Coffee Futures 135.2 down -17.6 up 35.7
Futures & Options 190.6 down -26.0 up 52.4
Cocoa Futures 192.7 down -11.2 up 33.9
Futures & Options 219.1 down -14.4 up 40.9
Cotton Futures 161.2 down -44.6 up 23.0
Futures & Options 213.1 down -108.4 up 27.8
Financials: Open Interest (in thousands)
financials: open interest
Open Interest Change from Last
11/27/2012 Month Year
Three Month EuroDollars Futures 8525.6 up 180.1 down -196.0
Futures & Options 12221.4 up 170.4 down -2632.2
Euro FX Futures 210.2 down -11.3 down -67.3
Futures & Options 257.3 down -7.5 down -77.0
Ten Year Treasury Notes Futures 1848.9 up 146.6 up 292.4
Futures & Options 2051.7 down -16.1 up 282.1
S&P 500 Stock Index Futures 224.1 up 18.2 down -75.0
Futures & Options 286.5 up 13.9 down -93.3
Metals: Open Interest (in thousands)
metals: open interest
Open Interest Change from Last
11/27/2012 Month Year
Gold Futures 479.4 up 24.6 up 56.2
Futures & Options 649.3 down -40.5 up 2.4
Silver Futures 150.7 up 13.1 up 51.8
Futures & Options 181.1 up 0.8 up 49.1
Copper Futures 145.3 down -11.3 up 32.9
Futures & Options 145.5 down -11.3 up 33.0
Platinum Futures 61.3 down -0.2 up 22.4
Futures & Options 65.3 down -1.0 up 23.6
Livestock: Open Interest (in thousands)
livestock: open interest
Open Interest Change from Last
11/27/2012 Month Year
Live Cattle Futures 336.1 up 28.3 up 19.1
Futures & Options 414.1 up 33.2 up 0.1
Lean Hogs Futures 245.0 up 28.8 down -19.2
Futures & Options 296.7 up 36.5 down -18.1

This Month in Futures Markets

November 2012

 

Wednesday, December 05, 2012

OCE, Commodity Futures Trading Commission

This Month in Futures Markets reports will not be released on an ongoing basis effective January 2013. Information pertaining to the positions held by traders in futures markets is released on a weekly basis in the Commitments of Traders reports, which can be accessed at  http://www.cftc.gov/MarketReports/CommitmentsOfTraders/Index.htm. Submit comments on This Month in Futures Markets to marketreports@cftc.gov.

For each commodity, the COT reports provide information on the size and the direction of the positions taken, across all maturities, by three categories of futures traders. These three trader categories are called “commercials", "non-commercials”, and “non-reportables”. Commercial traders are those who use futures or option contracts in a given commodity for hedging purposes, as defined in CFTC regulations. Commercial traders hold positions in both the underlying commodity and in the futures (or options) contracts on that commodity. By contrast, non-commercial traders do not own the underlying asset or its financial equivalent; they hold only positions in futures (or options) contracts. Finally, non-reportable positions are those held by traders who do not meet the reporting thresholds set by the CFTC (usually small traders).

Futures Markets:

Energy

NYMEX WTI Crude Oil futures open interest fell 4.7 percent in November. Commercial participants, who accounted for 46.2 percent of open interest, held net short positions; they decreased their long positions by 10.5 percent and decreased their short positions by 12.0 percent. Non-commercial participants, who accounted for 48.9 percent of open interest, held net long positions. They decreased their long positions by 0.3 percent and increased their short positions by 4.6 percent. Non-reportable participants, who accounted for 4.9 percent of total open interest, held net long positions; they increased their long positions by 1.6 percent and increased their short positions by 1.1 percent.

NYMEX Henry Hub Natural Gas futures open interest fell 1.6 percent in November. Commercial participants, who accounted for 31.5 percent of open interest, held net long positions; they decreased their long positions by 6.7 percent and decreased their short positions by 18.0 percent. Non-commercial participants, who accounted for 63.6 percent of open interest, held net short positions. They increased their long positions by 1.5 percent and increased their short positions by 7.4 percent. Non-reportable participants, who accounted for 4.9 percent of total open interest, held net long positions; they decreased their long positions by 1.9 percent and increased their short positions by 4.6 percent.

NYMEX Heating Oil futures open interest increased 1.2 percent in November. Commercial participants, who accounted for 60.0 percent of open interest, held net short positions; they increased their long positions by 5.9 percent and decreased their short positions by 1.9 percent. Non-commercial participants, who accounted for 29.2 percent of open interest, held net long positions. They decreased their long positions by 0.7 percent and increased their short positions by 8.0 percent. Non-reportable participants, who accounted for 10.8 percent of total open interest, held net long positions; they decreased their long positions by 10.5 percent and increased their short positions by 7.3 percent.

NYMEX RBOB Gasoline futures open interest increased 1.0 percent in November. Commercial participants, who accounted for 54.7 percent of open interest, held net short positions; they decreased their long positions by 13.1 percent and decreased their short positions by 2.0 percent. Non-commercial participants, who accounted for 38.8 percent of open interest, held net long positions. They increased their long positions by 12.9 percent and increased their short positions by 10.2 percent. Non-reportable participants, who accounted for 6.5 percent of total open interest, held net long positions; they increased their long positions by 13.5 percent and increased their short positions by 1.2 percent.

Agriculture

CBOT Corn futures open interest fell 3.0 percent in November. Commercial participants, who accounted for 53.0 percent of open interest, held net short positions; they decreased their long positions by 0.5 percent and increased their short positions by 4.1 percent. Non-commercial participants, who accounted for 31.6 percent of open interest, held net long positions. They decreased their long positions by 7.0 percent and decreased their short positions by 22.1 percent. Non-reportable participants, who accounted for 15.3 percent of total open interest, held net short positions; they increased their long positions by 4.2 percent and decreased their short positions by 2.2 percent.

CBOT Wheat futures open interest fell 0.7 percent in November. Commercial participants, who accounted for 47.5 percent of open interest, held net short positions; they increased their long positions by 5.6 percent and increased their short positions by 0.4 percent. Non-commercial participants, who accounted for 42.5 percent of open interest, held net long positions. They decreased their long positions by 7.5 percent and decreased their short positions by 3.6 percent. Non-reportable participants, who accounted for 10.1 percent of total open interest, held net short positions; they increased their long positions by 7.1 percent and increased their short positions by 5.2 percent.

CBOT Soybeans futures open interest fell 5.7 percent in November. Commercial participants, who accounted for 53.4 percent of open interest, held net short positions; they increased their long positions by 1.0 percent and decreased their short positions by 12.6 percent. Non-commercial participants, who accounted for 35.9 percent of open interest, held net long positions. They decreased their long positions by 11.3 percent and increased their short positions by 20.6 percent. Non-reportable participants, who accounted for 10.7 percent of total open interest, held net short positions; they decreased their long positions by 5.8 percent and decreased their short positions by 11.1 percent.

CBOT Soybean Oil futures open interest fell 2.5 percent in November. Commercial participants, who accounted for 48.1 percent of open interest, held net long positions; they decreased their long positions by 1.8 percent and decreased their short positions by 12.9 percent. Non-commercial participants, who accounted for 40.3 percent of open interest, held net short positions. They decreased their long positions by 4.8 percent and increased their short positions by 5.8 percent. Non-reportable participants, who accounted for 11.6 percent of total open interest, held net short positions; they increased their long positions by 1.4 percent and increased their short positions by 9.4 percent.

Soft Commodities

ICE Futures U.S. Sugar futures open interest increased 2.3 percent in November. Commercial participants, who accounted for 61.5 percent of open interest, held net short positions; they increased their long positions by 6.0 percent and increased their short positions by 0.6 percent. Non-commercial participants, who accounted for 28.8 percent of open interest, held net long positions. They decreased their long positions by 3.2 percent and increased their short positions by 7.3 percent. Non-reportable participants, who accounted for 9.7 percent of total open interest, held net short positions; they decreased their long positions by 1.5 percent and increased their short positions by 0.5 percent.

ICE Futures U.S. Coffee futures open interest fell 11.5 percent in November. Commercial participants, who accounted for 46.9 percent of open interest, held net long positions; they decreased their long positions by 11.0 percent and decreased their short positions by 15.0 percent. Non-commercial participants, who accounted for 46.7 percent of open interest, held net short positions. They decreased their long positions by 10.5 percent and decreased their short positions by 8.5 percent. Non-reportable participants, who accounted for 6.4 percent of total open interest, held net short positions; they decreased their long positions by 21.1 percent and decreased their short positions by 12.4 percent.

ICE Futures U.S. Cocoa futures open interest fell 5.5 percent in November. Commercial participants, who accounted for 59.5 percent of open interest, held net short positions; they decreased their long positions by 7.6 percent and increased their short positions by 2.6 percent. Non-commercial participants, who accounted for 35.2 percent of open interest, held net long positions. They decreased their long positions by 5.1 percent and decreased their short positions by 22.8 percent. Non-reportable participants, who accounted for 5.4 percent of total open interest, held net long positions; they increased their long positions by 7.6 percent and decreased their short positions by 13.8 percent.

ICE Futures U.S. Cotton futures open interest fell 21.7 percent in November. Commercial participants, who accounted for 48.8 percent of open interest, held net short positions; they decreased their long positions by 25.0 percent and decreased their short positions by 29.3 percent. Non-commercial participants, who accounted for 42.4 percent of open interest, held net short positions. They decreased their long positions by 16.3 percent and decreased their short positions by 15.9 percent. Non-reportable participants, who accounted for 8.9 percent of total open interest, held net long positions; they decreased their long positions by 26.3 percent and increased their short positions by 7.5 percent.

Financials

CME 3-month Eurodollars futures open interest increased 2.2 percent in November. Commercial participants, who accounted for 59.7 percent of open interest, held net short positions; they increased their long positions by 1.9 percent and decreased their short positions by 2.0 percent. Non-commercial participants, who accounted for 29.1 percent of open interest, held net long positions. They increased their long positions by 4.0 percent and increased their short positions by 13.3 percent. Non-reportable participants, who accounted for 11.1 percent of total open interest, held net short positions; they decreased their long positions by 1.8 percent and increased their short positions by 3.5 percent.

CME Euro-FX futures open interest fell 5.1 percent in November. Commercial participants, who accounted for 43.0 percent of open interest, held net long positions; they decreased their long positions by 6.5 percent and decreased their short positions by 21.1 percent. Non-commercial participants, who accounted for 34.7 percent of open interest, held net short positions. They decreased their long positions by 3.7 percent and increased their short positions by 7.0 percent. Non-reportable participants, who accounted for 22.3 percent of total open interest, held net short positions; they decreased their long positions by 1.6 percent and decreased their short positions by 8.2 percent.

CBOT 10-year Treasury Notes futures open interest increased 8.6 percent in November. Commercial participants, who accounted for 61.1 percent of open interest, held net short positions; they increased their long positions by 3.2 percent and increased their short positions by 4.0 percent. Non-commercial participants, who accounted for 20.6 percent of open interest, held net long positions. They increased their long positions by 16.7 percent and increased their short positions by 20.9 percent. Non-reportable participants, who accounted for 18.3 percent of total open interest, held net short positions; they increased their long positions by 17.5 percent and increased their short positions by 16.3 percent.

CME S&P 500 futures open interest increased 8.8 percent in November. Commercial participants, who accounted for 67.5 percent of open interest, held net short positions; they increased their long positions by 10.3 percent and decreased their short positions by 4.5 percent. Non-commercial participants, who accounted for 5.0 percent of open interest, held net long positions. They increased their long positions by 41.1 percent and decreased their short positions by 16.3 percent. Non-reportable participants, who accounted for 27.5 percent of total open interest, held net short positions; they changed their long positions by less then 0.1 percent and increased their short positions by 73.8 percent.

Metals

NYMEX Gold futures open interest increased 5.4 percent in November. Commercial participants, who accounted for 55.7 percent of open interest, held net short positions; they decreased their long positions by 2.4 percent and increased their short positions by 7.1 percent. Non-commercial participants, who accounted for 33.7 percent of open interest, held net long positions. They increased their long positions by 9.2 percent and decreased their short positions by 2.6 percent. Non-reportable participants, who accounted for 10.6 percent of total open interest, held net long positions; they increased their long positions by 8.5 percent and increased their short positions by 2.4 percent.

NYMEX Silver futures open interest increased 9.6 percent in November. Commercial participants, who accounted for 47.1 percent of open interest, held net short positions; they increased their long positions by 15.1 percent and increased their short positions by 9.5 percent. Non-commercial participants, who accounted for 38.8 percent of open interest, held net long positions. They increased their long positions by 5.4 percent and increased their short positions by 4.0 percent. Non-reportable participants, who accounted for 14.2 percent of total open interest, held net long positions; they increased their long positions by 13.2 percent and increased their short positions by 32.3 percent.

NYMEX Copper futures open interest fell 7.2 percent in November. Commercial participants, who accounted for 48.1 percent of open interest, held net long positions; they decreased their long positions by 0.1 percent and decreased their short positions by 7.7 percent. Non-commercial participants, who accounted for 40.9 percent of open interest, held net short positions. They decreased their long positions by 12.3 percent and decreased their short positions by 10.9 percent. Non-reportable participants, who accounted for 10.9 percent of total open interest, held net short positions; they decreased their long positions by 17.8 percent and increased their short positions by 10.8 percent.

NYMEX Platinum futures open interest fell 0.3 percent in November. Commercial participants, who accounted for 49.4 percent of open interest, held net short positions; they increased their long positions by 43.2 percent and decreased their short positions by 1.0 percent. Non-commercial participants, who accounted for 43.3 percent of open interest, held net long positions. They decreased their long positions by 8.9 percent and increased their short positions by 13.2 percent. Non-reportable participants, who accounted for 7.3 percent of total open interest, held net long positions; they increased their long positions by 21.9 percent and decreased their short positions by 36.7 percent.

Livestock

CME Live Cattle futures open interest increased 9.2 percent in November. Commercial participants, who accounted for 42.8 percent of open interest, held net short positions; they increased their long positions by 8.1 percent and increased their short positions by 16.9 percent. Non-commercial participants, who accounted for 43.7 percent of open interest, held net long positions. They increased their long positions by 9.3 percent and decreased their short positions by 0.4 percent. Non-reportable participants, who accounted for 13.5 percent of total open interest, held net short positions; they increased their long positions by 12.7 percent and increased their short positions by 15.0 percent.

CME Lean Hogs futures open interest increased 13.3 percent in November. Commercial participants, who accounted for 35.5 percent of open interest, held net short positions; they decreased their long positions by 2.3 percent and increased their short positions by 14.7 percent. Non-commercial participants, who accounted for 50.2 percent of open interest, held net long positions. They increased their long positions by 20.3 percent and increased their short positions by 14.1 percent. Non-reportable participants, who accounted for 14.3 percent of total open interest, held net short positions; they increased their long positions by 28.6 percent and increased their short positions by 8.4 percent.

Futures and Options Combined Markets:

Energy

NYMEX WTI Crude Oil futures and options (thereafter combined) open interest fell 14.3 percent in November. Commercial participants, who accounted for 49.0 percent of open interest, held net short positions; their long exposure was decreased by 19.7 percent and their short exposure was decreased by 20.7 percent. Non-commercial participants, who accounted for 47.1 percent of open interest, held net long positions. Their long exposure was decreased by 10.0 percent and their short exposure was decreased by 6.3 percent. Non-reportable participants, who accounted for 3.9 percent of total open interest, held net long positions; their long exposure was decreased by 0.1 percent and their short exposure was increased by 4.7 percent.

NYMEX Henry Hub Natural Gas combined open interest fell 1.9 percent in November. Commercial participants, who accounted for 31.0 percent of open interest, held net long positions; their long exposure was decreased by 6.9 percent and their short exposure was decreased by 18.2 percent. Non-commercial participants, who accounted for 64.0 percent of open interest, held net short positions. Their long exposure was increased by 1.4 percent and their short exposure was increased by 6.9 percent. Non-reportable participants, who accounted for 5.0 percent of total open interest, held net long positions; their long exposure was decreased by 4.2 percent and their short exposure was increased by 0.8 percent.

NYMEX Heating Oil combined open interest fell 3.1 percent in November. Commercial participants, who accounted for 59.0 percent of open interest, held net short positions; their long exposure was increased by 2.5 percent and their short exposure was decreased by 4.6 percent. Non-commercial participants, who accounted for 30.3 percent of open interest, held net long positions. Their long exposure was decreased by 8.0 percent and their short exposure was decreased by 2.0 percent. Non-reportable participants, who accounted for 10.7 percent of total open interest, held net long positions; their long exposure was decreased by 10.8 percent and their short exposure was increased by 6.4 percent.

NYMEX RBOB Gasoline combined open interest fell 0.6 percent in November. Commercial participants, who accounted for 54.2 percent of open interest, held net short positions; their long exposure was decreased by 14.3 percent and their short exposure was decreased by 2.8 percent. Non-commercial participants, who accounted for 39.3 percent of open interest, held net long positions. Their long exposure was increased by 10.5 percent and their short exposure was increased by 5.2 percent. Non-reportable participants, who accounted for 6.5 percent of total open interest, held net long positions; their long exposure was increased by 12.3 percent and their short exposure was increased by 0.6 percent.

Agriculture

CBOT Corn combined open interest fell 17.8 percent in November. Commercial participants, who accounted for 47.8 percent of open interest, held net short positions; their long exposure was decreased by 9.3 percent and their short exposure was decreased by 4.2 percent. Non-commercial participants, who accounted for 38.1 percent of open interest, held net long positions. Their long exposure was decreased by 26.5 percent and their short exposure was decreased by 38.8 percent. Non-reportable participants, who accounted for 14.1 percent of total open interest, held net short positions; their long exposure was decreased by 1.8 percent and their short exposure was decreased by 6.8 percent.

CBOT Wheat combined open interest fell 13.4 percent in November. Commercial participants, who accounted for 45.4 percent of open interest, held net short positions; their long exposure was decreased by 7.9 percent and their short exposure was decreased by 8.5 percent. Non-commercial participants, who accounted for 45.1 percent of open interest, held net long positions. Their long exposure was decreased by 20.1 percent and their short exposure was decreased by 21.5 percent. Non-reportable participants, who accounted for 9.5 percent of total open interest, held net short positions; their long exposure was increased by 4.4 percent and their short exposure was increased by 4.1 percent.

CBOT Soybeans combined open interest increased 0.2 percent in November. Commercial participants, who accounted for 43.9 percent of open interest, held net short positions; their long exposure was increased by 3.9 percent and their short exposure was decreased by 10.5 percent. Non-commercial participants, who accounted for 47.6 percent of open interest, held net long positions. Their long exposure was decreased by 1.5 percent and their short exposure was increased by 21.2 percent. Non-reportable participants, who accounted for 8.5 percent of total open interest, held net short positions; their long exposure was decreased by 4.4 percent and their short exposure was decreased by 9.2 percent.

CBOT Soybean Oil combined open interest fell 4.5 percent in November. Commercial participants, who accounted for 46.7 percent of open interest, held net long positions; their long exposure was decreased by 1.7 percent and their short exposure was decreased by 17.3 percent. Non-commercial participants, who accounted for 42.9 percent of open interest, held net short positions. Their long exposure was decreased by 10.0 percent and their short exposure was increased by 4.8 percent. Non-reportable participants, who accounted for 10.4 percent of total open interest, held net short positions; their long exposure was increased by 1.9 percent and their short exposure was increased by 11.1 percent.

Soft Commodities

ICE Futures U.S. Sugar combined open interest increased 3.0 percent in November. Commercial participants, who accounted for 58.9 percent of open interest, held net short positions; their long exposure was increased by 7.0 percent and their short exposure was increased by 0.7 percent. Non-commercial participants, who accounted for 32.1 percent of open interest, held net long positions. Their long exposure was decreased by 2.3 percent and their short exposure was increased by 8.4 percent. Non-reportable participants, who accounted for 9.0 percent of total open interest, held net short positions; their long exposure was decreased by 1.2 percent and their short exposure was increased by 0.9 percent.

ICE Futures U.S. Coffee combined open interest fell 12.0 percent in November. Commercial participants, who accounted for 40.0 percent of open interest, held net long positions; their long exposure was decreased by 7.6 percent and their short exposure was decreased by 17.7 percent. Non-commercial participants, who accounted for 55.0 percent of open interest, held net short positions. Their long exposure was decreased by 15.1 percent and their short exposure was decreased by 8.6 percent. Non-reportable participants, who accounted for 4.9 percent of total open interest, held net long positions; their long exposure was decreased by 18.5 percent and their short exposure was decreased by 10.1 percent.

ICE Futures U.S. Cocoa combined open interest fell 6.1 percent in November. Commercial participants, who accounted for 54.9 percent of open interest, held net short positions; their long exposure was decreased by 8.7 percent and their short exposure was increased by 2.4 percent. Non-commercial participants, who accounted for 40.2 percent of open interest, held net long positions. Their long exposure was decreased by 5.4 percent and their short exposure was decreased by 19.8 percent. Non-reportable participants, who accounted for 4.9 percent of total open interest, held net long positions; their long exposure was increased by 8.2 percent and their short exposure was decreased by 11.9 percent.

ICE Futures U.S. Cotton combined open interest fell 33.7 percent in November. Commercial participants, who accounted for 47.9 percent of open interest, held net short positions; their long exposure was decreased by 32.8 percent and their short exposure was decreased by 40.7 percent. Non-commercial participants, who accounted for 44.9 percent of open interest, held net long positions. Their long exposure was decreased by 35.8 percent and their short exposure was decreased by 28.3 percent. Non-reportable participants, who accounted for 7.2 percent of total open interest, held net long positions; their long exposure was decreased by 24.3 percent and their short exposure was increased by 4.6 percent.

Financials

CME 3-month Eurodollars combined open interest increased 1.4 percent in November. Commercial participants, who accounted for 50.2 percent of open interest, held net short positions; their long exposure was increased by 0.3 percent and their short exposure was decreased by 3.1 percent. Non-commercial participants, who accounted for 41.6 percent of open interest, held net long positions. Their long exposure was increased by 3.1 percent and their short exposure was increased by 7.6 percent. Non-reportable participants, who accounted for 8.2 percent of total open interest, held net short positions; their long exposure was decreased by 1.0 percent and their short exposure was increased by 4.2 percent.

CME Euro-FX combined open interest fell 2.8 percent in November. Commercial participants, who accounted for 41.5 percent of open interest, held net long positions; their long exposure was decreased by 3.5 percent and their short exposure was decreased by 16.7 percent. Non-commercial participants, who accounted for 38.1 percent of open interest, held net short positions. Their long exposure was decreased by 2.6 percent and their short exposure was increased by 6.9 percent. Non-reportable participants, who accounted for 20.4 percent of total open interest, held net short positions; their long exposure was decreased by 1.0 percent and their short exposure was decreased by 5.6 percent.

CBOT 10-year Treasury Notes combined open interest fell 0.8 percent in November. Commercial participants, who accounted for 59.0 percent of open interest, held net short positions; their long exposure was decreased by 3.9 percent and their short exposure was decreased by 5.0 percent. Non-commercial participants, who accounted for 23.5 percent of open interest, held net long positions. Their long exposure was decreased by 1.7 percent and their short exposure was decreased by 0.2 percent. Non-reportable participants, who accounted for 17.5 percent of total open interest, held net short positions; their long exposure was increased by 14.1 percent and their short exposure was increased by 15.1 percent.

CME S&P 500 combined open interest increased 5.1 percent in November. Commercial participants, who accounted for 66.0 percent of open interest, held net short positions; their long exposure was increased by 7.1 percent and their short exposure was decreased by 5.2 percent. Non-commercial participants, who accounted for 9.5 percent of open interest, held net long positions. Their long exposure was decreased by 0.2 percent and their short exposure was decreased by 17.4 percent. Non-reportable participants, who accounted for 24.5 percent of total open interest, held net short positions; their long exposure was increased by 2.3 percent and their short exposure was increased by 69.7 percent.

Metals

NYMEX Gold combined open interest fell 5.9 percent in November. Commercial participants, who accounted for 51.1 percent of open interest, held net short positions; their long exposure was decreased by 14.8 percent and their short exposure was decreased by 2.2 percent. Non-commercial participants, who accounted for 40.4 percent of open interest, held net long positions. Their long exposure was decreased by 3.1 percent and their short exposure was decreased by 16.1 percent. Non-reportable participants, who accounted for 8.5 percent of total open interest, held net long positions; their long exposure was increased by 6.8 percent and their short exposure was decreased by 0.7 percent.

NYMEX Silver combined open interest increased 0.5 percent in November. Commercial participants, who accounted for 45.2 percent of open interest, held net short positions; their long exposure was decreased by 1.1 percent and their short exposure was increased by 4.1 percent. Non-commercial participants, who accounted for 42.2 percent of open interest, held net long positions. Their long exposure was decreased by 1.8 percent and their short exposure was decreased by 10.4 percent. Non-reportable participants, who accounted for 12.6 percent of total open interest, held net long positions; their long exposure was increased by 11.2 percent and their short exposure was increased by 26.1 percent.

NYMEX Copper combined open interest fell 7.2 percent in November. Commercial participants, who accounted for 48.1 percent of open interest, held net long positions; their long exposure was decreased by 0.2 percent and their short exposure was decreased by 7.7 percent. Non-commercial participants, who accounted for 40.9 percent of open interest, held net short positions. Their long exposure was decreased by 12.3 percent and their short exposure was decreased by 10.9 percent. Non-reportable participants, who accounted for 11.0 percent of total open interest, held net short positions; their long exposure was decreased by 18.0 percent and their short exposure was increased by 10.7 percent.

NYMEX Platinum combined open interest fell 1.4 percent in November. Commercial participants, who accounted for 50.3 percent of open interest, held net short positions; their long exposure was increased by 14.0 percent and their short exposure was changed by less then 0.1 percent. Non-commercial participants, who accounted for 42.9 percent of open interest, held net long positions. Their long exposure was decreased by 7.4 percent and their short exposure was decreased by 2.9 percent. Non-reportable participants, who accounted for 6.9 percent of total open interest, held net long positions; their long exposure was increased by 21.9 percent and their short exposure was decreased by 36.9 percent.

Livestock

CME Lean Hogs combined open interest increased 14.0 percent in November. Commercial participants, who accounted for 33.2 percent of open interest, held net short positions; their long exposure was increased by 1.5 percent and their short exposure was increased by 13.8 percent. Non-commercial participants, who accounted for 53.5 percent of open interest, held net long positions. Their long exposure was increased by 18.9 percent and their short exposure was increased by 17.5 percent. Non-reportable participants, who accounted for 13.2 percent of total open interest, held net short positions; their long exposure was increased by 25.0 percent and their short exposure was increased by 5.9 percent.

CME Live Cattle combined open interest increased 8.7 percent in November. Commercial participants, who accounted for 41.8 percent of open interest, held net short positions; their long exposure was increased by 9.2 percent and their short exposure was increased by 14.3 percent. Non-commercial participants, who accounted for 45.9 percent of open interest, held net long positions. Their long exposure was increased by 8.0 percent and their short exposure was increased by 1.2 percent. Non-reportable participants, who accounted for 12.3 percent of total open interest, held net short positions; their long exposure was increased by 11.2 percent and their short exposure was increased by 14.1 percent.

Notes:

1.  Percentage changes are calculated using data representing last Tuesday of the previous month and last Tuesday of the current month.

2.  Percentages of open interest held by the commercial, non-commercial, and non-reportable traders reflect the averages of the percentages of long and short positions held by these groups of traders.

3. The share of Commercial, Non-Commercial, and Non-Reportable positions may not sum up to 100 due to rounding errors.

 

Net Position of Commercials, Non-commercials and Non-reportables (in thousands, net long:+, net short:-)
Futures-Only
Commercials Non-commercials Non-reportables

11/27/2012

Month Ago

11/27/2012

Month Ago

11/27/2012

Month Ago

Crude Oil -143.0 -174.8 137.3 169.6 5.7 5.3
Natural Gas 54.5 7.8 -92.5 -49.0 38.0 41.2
Heating Oil -35.3 -48.0 21.9 28.3 13.4 19.8
RBOB Gasoline -83.8 -71.2 73.8 63.8 10.0 7.4
Corn -260.0 -226.5 330.7 308.6 -70.7 -82.1
Wheat -23.4 -33.5 32.7 43.0 -9.2 -9.5
Soybeans -115.7 -172.9 120.9 182.7 -5.1 -9.7
Soybean Oil 40.5 24.0 -35.6 -21.9 -4.9 -2.0
Sugar -17.2 -39.7 28.8 49.9 -11.5 -10.2
Coffee 16.1 15.2 -16.1 -16.3 0.0 1.1
Cocoa -50.9 -40.0 43.4 34.6 7.5 5.5
Cotton 0.0 -6.5 -0.3 0.1 0.2 6.4
3-month Eurodollars -484.4 -681.9 638.8 785.5 -154.4 -103.6
Euro-FX 79.5 75.1 -66.7 -58.2 -12.8 -16.9
10-year Treasury Notes -130.9 -117.9 187.7 169.5 -56.8 -51.5
S&P 500 -4.0 -25.0 7.1 1.3 -3.1 23.7
Gold -252.0 -222.8 193.7 170.2 58.3 52.5
Silver -56.8 -53.7 38.7 36.2 18.1 17.5
Copper 7.1 1.6 -3.0 -2.3 -4.1 0.6
Platinum -42.3 -45.6 35.7 41.0 6.6 4.6
Live Cattle -10.6 0.5 31.3 16.9 -20.8 -17.5
Lean Hogs -28.1 -13.4 41.6 30.1 -13.5 -16.6
Net Position of Commercials, Non-commercials and Non-reportables (in thousands, net long:+, net short:-)
Futures and Futures-Equivalent Options Contracts
Commercials Non-commercials Non-reportables

11/27/2012

Month Ago

11/27/2012

Month Ago

11/27/2012

Month Ago

Crude Oil -186.0 -251.1 179.7 241.1 6.3 10.1
Natural Gas 55.3 8.5 -95.4 -52.4 40.1 43.9
Heating Oil -35.8 -49.8 22.0 29.5 13.7 20.3
RBOB Gasoline -84.5 -71.6 74.5 64.0 10.0 7.5
Corn -225.3 -198.7 301.0 289.8 -75.7 -91.2
Wheat -24.4 -28.4 34.2 37.9 -9.8 -9.5
Soybeans -116.9 -179.1 120.9 187.4 -4.0 -8.3
Soybean Oil 55.8 29.1 -50.9 -27.6 -4.9 -1.5
Sugar -17.8 -46.5 29.1 56.2 -11.3 -9.7
Coffee 21.6 14.7 -21.9 -16.1 0.3 1.4
Cocoa -47.9 -35.3 40.4 29.8 7.5 5.5
Cotton -9.6 -35.2 9.5 29.5 0.1 5.7
3-month Eurodollars -525.5 -748.3 692.2 862.7 -166.7 -114.4
Euro-FX 87.9 80.8 -72.3 -62.1 -15.5 -18.7
10-year Treasury Notes -129.2 -148.8 190.4 199.6 -61.2 -50.8
S&P 500 -1.5 -24.4 5.2 0.0 -3.6 24.4
Gold -271.9 -248.2 211.5 193.4 60.4 54.8
Silver -61.9 -56.9 43.1 38.6 18.8 18.3
Copper 7.1 1.6 -3.0 -2.3 -4.1 0.7
Platinum -43.6 -45.0 37.0 40.4 6.7 4.6
Live Cattle -29.0 -18.9 54.8 40.7 -25.8 -21.8
Lean Hogs -32.6 -19.9 51.5 42.1 -19.0 -22.2