Declining commodity sentiments in unison

Crude oil: WTI net longs have been cut considerably over the past few weeks and seem to have stabilized. We believe today's extended losses evidenced only due to the data release of US oil inventory levels. Oil futures extended losses from the prior session on Monday as ongoing worries over the health of the global economy fueled concerns that a global supply glut may stick around for longer than anticipated.

Copper: Copper net shorts were pared from very high levels, it has been a good week for copper as the prices stated regaining to one and half month highs at 2.437. Copper prices have been under heavy selling pressure in recent months as fears of a China-led global economic slowdown spooked traders and rattled sentiment. Prices of the red metal earlier sank to a six-year low of $2.251 as concerns over the health of China's economy and steep declines on Chinese stock markets dampened appetite for the red metal.

Gold: The yellow metal had additions of net longs after positioning dropped to the lowest levels since 2003; the metal has been losing its precious value as it dropped close to a 6 years low of $1,119.88 today.

Corn net longs have been cut from elevated levels. Wheat remained net short, while soybeans had a sharp cut in net long contracts in the past two weeks.