BHP has posted strong gains over the past 2 sessions, largely on the back of its better than expected 1Q14 production data release. So, bearing this in mind, it’s an interesting time to gauge market sentiment on Australia’s biggest miner. Our Client Sentiment Indicator is currently showing 77% of CMC’s top clients are long BHP, but the combined value of their trades equates to only 49% of the total open positions within this instrument. This suggests that while there are less sellers, their conviction is stronger. (The Client Sentiment Indicator may be accessed by clicking on the arrow next to the instrument below and selecting from the drop down menu).