Commodity Traders Boost Bets on Price Gains by 50% Since July 6, Data Show

Commodity traders increased bets onprice gains for raw materials by 50 percent in the past twoweeks at futures exchanges in New York and Chicago.

Hedge-fund managers and other large speculators held net-long position in gold, copper, crude oil and 17 othercommodities totaling 782,247 contracts in the week ended July20, according to data from the U.S. Commodity Futures TradingCommission compiled by Bloomberg. That compares with 520,530contracts in the week ended July 6. The 50 percent gain was thebiggest two-week jump since May 2009.

The Reuters/Jefferies CRB Index of 19 raw materials rallied1.7 percent this week, the third straight gain, as risingcorporate earnings signaled resilient economic growth and robustdemand for energy, metals and grains. Open interest in futurestracked by the CRB increased 1.2 percent this week, the mostsince April 9.