(Kitco News) - Speculators returned to building
their bullish exposure to most precious and base metals futures and
options contracts as prices rose toward the end of April, according to
U.S. government data released Friday.
Speculators added to bullish positions in gold, copper,
platinum and palladium in both the legacy and disaggregated weekly
commitment of traders reports released by the U.S. Commodity Futures
Trading Commission for the week ended May 1. In silver, however,
speculators continued to whittle away slightly at their net-long
position.
A rise in prices across the board aided the speculators move;
however, after the timeframe ended, prices retreated into the end of the
week, meaning any fresh long positions put on became losing hands.
For the week covered by this CFTC report, Comex June gold
futures rose $18.60 to close at $1,662.40 an ounce on May 1. July silver
gained 46.1 cents to $31.276 an ounce and Nymex July platinum rose
$24.20 to $1,572.30. Nymex June palladium rose $15.25 to $681.05 an
ounce, and Comex July copper gained 16.25 cents to $3.8435 per pound. (more)
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