Gold price continued to consolidate at top range. As we mentioned in the previous report, the yellow metal will resume recent rally after pullback. Renewed concerns about third wave of coronavirus outbreak in the US and China are expected to drive demand for gold. This could lead to increase in long bets on the yellow metal in coming weeks. According to the CFTC Commitments of Traders report for the week ended June 9, Gold futures’ NET LENGTH declined -10 421 contracts to 208 613. Speculative long positions declined -8 224 contracts while shorts gained +2 197. Silver futures’ NET LENGTH sank -3 859 contracts to 33 365. For PGMs, NET LENGTH of Nymex platinum futures fell -1 877 contracts to 19 715 while that for palladium added +264 contracts to 264.
NET LENGTH for crude oil futures dropped -421 contracts to 567 909 for the week. Speculative long positions added +3 762 contracts while shorts gained +4 183 contracts. For refined oil products, NET LENGTH for gasoline declined -6 048 contracts to 47 032, while NET LENGTH for heating oil futures added +640 contracts to 3 419. NET SHORT for natural gas futures dropped -4 119 contracts to 39 867 contracts for the week.
