Commercials +46042 (from +33083). Large Specs -23365 (from -16776). Small Specs -22677 (from -16307). Commercials added considerably to their longs, but also added to shorts (although not in proportion to the higher total o/i). Small Specs reduced longs even further, and added to shorts.
Commercials (56.9% of total o/i) - 69.3% of Longs, 44.5% of Shorts, balance plus 24.8
Large Specs (28.2% of total) - 21.9% of Longs, 34.5% of Shorts, balance minus 12.6
Small Specs (14.9% of total) - 8.8% of Longs, 21.0% of Shorts, balance minus 12.2
Prices have continued to decline from last Tuesday's close, and it may be that further pressure will be seen based on Moody's reduction of Britain's credit standing from AAA to AA1. However, the COT statistics (having moved beyond the levels seen at last June's price lows) are now comparable to those seen in early March 2012, which also marked a low point in prices. We would follow the next major bullish chart signal (although that might not be immediate).