Palladium Traders “Trim” Net-long Positions

Forbes reported that US government data released Friday reveals that palladium traders have trimmed their net-long positions.

As quoted in the market news:

Managed-money trimmed their net-long positions in palladium by cutting 1,379 gross longs and adding 378 shorts. This lowered the net-long to 22,719 contracts. In the legacy report, the non-commercials cut 1,593 gross longs and added 649 gross shorts, lowering the net-long position to 23,562 contracts.

In palladium, TDS noted that the metal saw its price momentum wane at the highs. Also they suggested that as Syrian war concerns flared, ‘specs took the opportunity to exit very bullish longs positions while adding some shorts.’

Click here to read the full Forbes report.