Precious metal prices gained ground last week as the surge in coronavirus pandemic in India raised safe haven demand. Traders signaficantly increased bets on high gold and silver prices last week.
According to the CFTC Commitments of Traders report for the week ended May 11, NET LENGTH for crude oil futures dropped -3 452 contracts to 496 561 for the week. Speculative long position fell -8 559 contracts, while shorts were down -5 107 contracts. For refined oil products, NET LENGTH for heating oil increased +2 808 contracts to 6 519, while that for gasoline slipped -3 514 contracts to 56 481. NET SHORT of natural gas futures rose +9 682 contracts to 65 496 during the week.
Gold futures’ NET LENGTH jumped +21 514 contracts to 192 255 while silver futures’ NET LENGTH increased +4 976 contracts to 52 843. For PGMs, NET LENGTH of Nymex platinum futures dropped -964 contracts to 27 267 while that for palladium slipped -304 contracts to 2 781.
