New Delhi, April 16 -- Speculative money is reshaping the commodity map, and the next move hinges on geopolitics, rates, and supply shocks, according to a research report by Yes Securities. The brokerage noted that positioning is now sharply split across metals, energy, and agriculture with some trades looking crowded, others starting to turn.

"Speculative positioning has turned decisively bullish in aluminium, largely driven by geopolitical risk in West Asia," Yes Securities said. Energy-sensitive and supply-disruption fears have pushed funds into a "crowded long. That makes aluminium vulnerable to a sharp unwind if tensions cool. "Copper, by contrast, is seeing a partial trimming of frothy length amid rising exchange inventories. Zinc ...