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Alternative Market Briefing

Opinion on commodities is split according to CMC's clients

Thursday, May 02, 2013

Beverly Chandler, Opalesque London: The April trading update from CMC Markets finds that the debate on the volatile gold price is splitting sentiment on commodities. The firm writes: "Sentiment on the direction of commodities is split almost equally after price volatility – particularly on metals – in April, with gold suffering a one-day drop of 9.2% on the 15th." CMC reports that 52% of our clients went long commodities in April, compared to 45% a month ago. 55% of our clients trading gold took a bullish view, compared to 48% in April.

However, despite divided opinion, commodities trading grew in popularity in April with CME reporting that the number of commodities trades placed by clients was up 9% in April compared to March as clients looked to capitalise on the volatility.

"Confidence in the major indices was shaken by the pull back in commodity prices" CME writes with 76% of their clients taking a bearish stance towards the FTSE 100 in April, perhaps because of its heavy weighting towards natural resources. Overall, 72% of CMC’s clients trading indices took a bearish view.

Stocks fared better with sentiment towards stocks softening slightly in April as 83% of CMC’s equity clients taking long positions, down from 86% in the previous month. Treasuries were the most bearish of the asset classes in April with 85% of CMC’s clients’ money going short, although this represents a drop from 93% in March.......................

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