For the fifth week in a row, speculators snapped up precious metals traded on the Comex division of the New York Mercantile Exchange and the Nymex, according to U.S. government data released Friday.
For the week ended Sept. 18, speculators in the Commodity Futures Trading Commission's weekly commitment of traders report saw their net-long positions in precious metals rise in both the legacy and disaggregated reports. Activity in copper was mixed, but speculators held on to their net-long position in the red metal in both reports.
For the time frame measured, the most-active December gold contract rallied $36.30 to $1,771.20 an ounce as of Sept. 18. December silver gained $1.152 during the week to $34.718, and October platinum gained $29.30 to $1,636.30. December palladium fell $7.55 to $667.35. December copper rallied 9 cents to $3.7870 a pound.
Managed-money accounts piled in gold futures and options, increasing their net-long position to 178,426 contracts. Managed-money accounts added 13,428 gross longs and added 725 gross shorts. Producers saw a big reduction in exposure on both sides but remained net-short as they cut more gross longs than gross shorts. Swap dealers are also net-short, having cut gross longs and significantly bumped up gross shorts. . .View Full Article