Summary:
Last week, the Federal US reserve convened for a two-day meeting from Monday to Wednesday. Post this discussion, they enacted their second consecutive 0.75 percentage point interest rate increase to combat inflation. In his announcement on Wednesday, Chair Jerome Powell mentioned the Fed would start to slow hikes at a point eventually to assess their impact.
California CCA’s witnessed an upward trend, as Open interest across market participants increased along with a slight increase in price. The increase in Open interest was due to the entities rolling over to future deliveries.
Technicals:
Trading activity on the ICE exchange decreased 18.2% WoW to 29.2 M. Market indicators highlight a bullish market as a solid rollover to future deliveries was observed in the CFTC data, indicating strong market sentiments.
Trader Positions:
CFTC V22: Positions across all traders (26th July)
In the CFTC data last reported on 26th July, total OI increased by 5.3M tons. Spread positions increased by 27.39% to 26 M tons, as the rollover of Jul22 contracts to Aug22, and later delivery contracts gather steam.
CFTC V22: Fund Manager change in positions (26th July)
Managed money decreased long positions by 0.5M tons, along with an increase in short positions by 1.6 M tons. Managed money retreated from the market, as they expect a short-term decline in prices.
CFTC V22: Covered entity change in positions (26th July)
Compliance entities decreased long positions by 0.09 M tons and increased short positions by 2.7 M tons. Compliance entities remained bearish as short positions increased in the market while long positions witnessed a minor decline.
Market Fundamentals:
Analyst:
Craig Rocha (cmrocha@californiacarbon.info)
Megha Jha (mjha@californiacarbon.info)
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