Investors Shorten Positions on Palladium

Kitco reported speculators shunned precious metals by reducing their exposure to U.S. futures and options contracts traded on the Comex division of the New York Mercantile Exchange.

As quoted in the market news:

June palladium lost $11.80 to $697.05, April platinum fell $47.50 to $1,654.30 an ounce.

In palladium the managed-money accounts lowered their net-long position to 10,418 contracts. They cut gross longs and added gross shorts to deflate their net-long position. In the legacy report, non-commercials added slightly to gross longs but added more gross shorts, ultimately dropping their net-long to 11,943 contracts.

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