In 2013, funds were record long on the early-May high and in 2014, funds again got record long this time in February at spot prices topped at a 6.490 high.
As the market has trended lower from the February high, funds have been liquidating but remain long 149,704 contracts according to last Friday's Commitment of Trader's report.
This report was as of last Tuesday's close. Given recent activity in the market, hedge funds are likely active buyers in the market attempting to play the winter rally back higher.
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