巴黎银行-全球-商品策略-商品定位；上升趋势阶段的准时调整-20180222-14页.pdfVIP

Please refer to important information at the end of the report COMMODITY QUANT STRATEGY Commodity Positioning; just a punctual adjustment in an upward trend phase This document has been produced by:  There was an increase in speculative positions last week f or all base metals but Banco BNP Paribas Brasil S.A. copper: BNPP base metals score is still above neutral levels (6.5 out of 10). Gabriel Gersztein  Consolidated stocks improved from last week mostly due to the correction seen in Commodity Quant Strategy copper and aluminium. Head of GM Latam Strategy  Nickel continues to have the most supportive positioning score. Aluminium and zinc +55 11 3841 3421 are overbought; LME stocks reached the lowest values in the last seven years. Gustavo Mendonca  Aside from base metals, silver positioning remains at oversold levels. Commodity Quant Strategy  Same as last weeks, the difference between the DOE crude oil inventory and the 12- FX IR Latam Strategy month moving average is at record lows. +55 11 3841 3445  Natural gas and Brent crude oil were the energy assets with the largest reduction in Samuel Castro speculative positions (z-score). Despite the drop in speculative positions, both Brent Commodity Quant Strategy and WTI crude oil remain overbought. FX IR Latam Strategy +55 11 3841 3492 BNP Paribas positioning score: mixed signals BNP Paribas base metals score