Speculators Adding to Bullish Platinum Positions

Forbes reported that according to US government data released on Friday, speculators are continuing to add to bullish platinum and silver positions.

As quoted in the market news:

Funds added 36 gross longs and trimmed 408 gross shorts in platinum, lifting the net-long position for managed-money accounts to 34,708 contracts. Non-commercials in the legacy report cut 153 gross longs and 360 gross shorts, raising the net-long position to 39,995 contracts.

TDS said speculators continued to hold platinum longs, based on South African supply concerns and European demand hopes.

Click here to read the full Forbes report.