HomeAction InsightOil N' GoldCFTC Commitments of Traders - Platinum Rallied to 6-Year High on Strong...

CFTC Commitments of Traders – Platinum Rallied to 6-Year High on Strong Demand Expectations

Precious metals were mixed last week. According to the CFTC Commitments of Traders report for the week ended February 16, gold futures’ NET LENGTH slumped -16 438 contracts to 234 969 while silver futures’ NET LENGTH added +281 contracts to 49 824. For PGMs, NET LENGTH of Nymex platinum futures gained +377 contracts to 36 577 while that for palladium added +284 contracts to 1 021. Net length in platinum futures should increase further in the coming week with price surging to the highest level in over 6 years. Its recent strength has been led by the industrial demand, rather than safe-demand for precious metals. A report by Johnson Matthey, specialist in PGM research, has projected that platinum will stay in deficit for a third straight year in 2021.

NET LENGTH for crude oil futures added +455 contracts to 514 713 for the week. Speculative long position gained +2 253 contracts, while shorts added +1 798 contracts. For refined oil products, NET LENGTH for gasoline plunged -8 185 contracts to 61 483, while heating oil’s NET LENGTH increased +983 contracts to 15 678. NET LENGTH for natural gas futures rose +2 625 contracts to 38 775.

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