外汇与大宗商品持仓报告（COT）

关键论点

• 美债收益率上升及美联储紧缩预期重燃恢复美元利差吸引力，美元总多头从59亿美元升至184亿美元。
• 尽管日本央行加息至1.25%，日元仍遭遇最大仓位逆转，因美日利差扩大及对进一步紧缩的疑虑施压。
• 铜和大豆粕逆势获买，铜多头创五年半新高，大豆粕净多头创纪录。
• 因霍尔木兹海峡流量改善及沙特东西管道重启降低地缘风险溢价，布伦特敞口减少6.45万手。

对应原文证据

1. • Energy exposure cut as supply fears ease: Hedge funds reduced commodity exposure across most sectors, led by a 64.5k-contract reduction in Brent as improving Hormuz flows and the restart of Saudi Arabia’s East-West pipeline reduced some of the geopolitical risk premium.
2. • Copper and soybean meal buck the selling trend: Copper’s net long jumped 26% to a 5½-year high of 82.6k contracts, while soybean meal reached a record 192k contracts, highlighting increasingly concentrated bullish positioning in markets supported by physical tightness, strong demand and supply concerns.
3. From a record USD 50 billion net long at the end of July, speculators had cut their combined position to just USD 5.9 billion, with much of the reduction driven by aggressive yen buying.