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10 Mar 2014
Flash: Gold specs covering further short contracts - TDS
FXStreet (Bali) - Bart Melek, Head of Commodity Strategy at BBH notes the latest changes in the CFTC Commitments of Traders Report - Week Ending Tuesday March 4th, 2014 - on the commodity space.
Key Quotes
"Gold specs reacted to Russia/Ukraine tensions by covering another 6K lots of short contracts, but waning price momentum saw longs hold off."
"Silver did not reap the same safe haven bid as gold, hurt by its industrial nature, and spec longs exited."
"Platinum gained as South Africa strikes continue to drag on—specs add longs and cut shorts."
"Palladium benefitted from both S.Africa supply issues and Russian supply concern with shorts covering and longs adding a hefty 4K lots."
"Increasing short side copper spec positions were concerned about China’s default contagion and growth prospects."
"Russian/Ukraine worries about the effects of the global response boosted oil prices, while still cold weather in the US keeps WTI supported—specs added longs and cut shorts."
Key Quotes
"Gold specs reacted to Russia/Ukraine tensions by covering another 6K lots of short contracts, but waning price momentum saw longs hold off."
"Silver did not reap the same safe haven bid as gold, hurt by its industrial nature, and spec longs exited."
"Platinum gained as South Africa strikes continue to drag on—specs add longs and cut shorts."
"Palladium benefitted from both S.Africa supply issues and Russian supply concern with shorts covering and longs adding a hefty 4K lots."
"Increasing short side copper spec positions were concerned about China’s default contagion and growth prospects."
"Russian/Ukraine worries about the effects of the global response boosted oil prices, while still cold weather in the US keeps WTI supported—specs added longs and cut shorts."