According to data released Friday by the Commodity Futures Trading Commission, the net-long position held by speculators increased in both the legacy and the disaggregated weekly commitment of traders’ reports. The data included futures and options combined and are current as of May 24. The reports for other markets were mixed regarding speculative action.
Prices rose across the board for the metals during the reporting time frame. June gold futures on the Comex division of the New York Mercantile Exchange rose $43.30 an ounce, settling at $1,523.30 on May 24. July silver gained $2.637 an ounce, settling at $36.128. Nymex July platinum settled at $1,762.50 an ounce, up $1.50 and Nymex September palladium rose $21.15 an ounce to settle at $737.10. Comex July copper settled up 1.45 cents a pound at $4.0130.
Managed-money accounts returned as buyers in gold, as shown in the disaggregated report. They added 17,191 gross long contracts and 4,062 gross shorts, pushing up their net-long position to 198,515 contracts. Producers and swap dealers both increased their net-short position with producers adding both gross longs and shorts and swap dealers cutting gross longs and adding gross shorts.
In the legacy report, non-commercials added 20,597 gross longs and 2,062 gross shorts, increasing their net-long to 213,515 contracts. Non-commercial also added both gross longs and shorts, lifting their net-short position.
Barclays Capital noted the rise in speculative gold positions and said they, too, favor the yellow metal. “We remain positive on gold over the forthcoming months as inflation expectations remain high and European sovereign debt worries have heightened significantly drawing investor interest,” the bank said.
Speculators’ net-long position in the disaggregated report about silver fell as they cut 816 gross longs and added 705 gross shorts, dropping the net-long position to 15,225 contracts. Producers cut gross longs and added to gross shorts, increasing their net-short position while swap dealers cut from both sides, but trimmed more longs, boosting their net-short position.
Non-commercials cut 26 gross longs and cut 205 gross shorts, lifting the net-long position to 24,246 contracts. Commercial traders cut both gross longs and shorts, increasing their net-short position.
Palladium saw a rebound in the net-long position held by speculators after two weeks of declines. Managed-money accounts are now net-long 8,741 contracts after adding to gross longs and cutting shorts. Non-commercials also lifted their net-long in the legacy report, by added more gross longs than gross shorts, bringing it to 8,843 contracts.
“Palladium’s overall noncommercial net position level has fallen to the lowest since July of 2009. PGM investment demand remains subdued, as concerns over auto sector demand persist,” Barclays said.
Platinum continued to see a decline in the net-long position for speculators. Managed-money accounts whittled away gross longs and added to gross shorts, pushing down the net-long to 18,335 contracts. Non-commercial traders also cut gross longs and added to gross shorts, lowering their net-long position to 21,961 contracts.
Managed-money accounts are still reducing their net-long position in copper, having cut gross longs and added gross shorts. They are now net-long 2,700 contracts. Just as in the disaggregated report, non-commercials in the legacy report cut gross longs and added a few gross shorts. Their net-long position now stands at 6,028 contracts.For a more detailed breakdown of the CFTC’s data, please visit www.cftc.gov...
Tag : gross shorts, gross longs, Managed-money accounts,net-long position, New York Mercantile Exchange, CFTC Data For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment