Hedge Funds in Longest Rout Since Global Recession

Hedge funds curbed bullish bets on commodities for a third consecutive month, the longest retreat since the global recession, as Europe’s worsening debt crisis and slowing U.S. job growth sent prices tumbling.

Money managers reduced net-long positions across 18 U.S. futures and options by 8.1 percent to 620,715 contracts in the week ended May 29, extending the monthly decline to 26 percent, Commodity Futures Trading Commission data show. Speculators are now the most bearish since the start of year on copper, oil, heating oil, corn, gold and silver. The Standard & Poor’s GSCI Spot Index of 24 raw materials slumped 13 percent in May.