Sentiment is as bearish as it has been in years. Another sentiment read comes from the Commitments of Traders (COT) report compiled by the Commodity Futures trading Commission (CFTC). Commercial hedgers, which include mining companies and typically the group that usually “gets it right,” are traditionally net-short in the futures market. But John Kosar, Director of Research for Asbury Research near Chicago, said that this group is at a historic “least bearish” position. In other words, even as they hedge their future production, they are expressing a belief in higher prices down the road.
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