Extremely bearish sentiment and net short positions may be positive for spot platinum. It's down about $100 since the 2017 closing high of $1,028.60 an ounce in late February. Also, open interest has increased 4% and managed-money net positions (minus 7,597) recently reached their most extreme net short in the Commodity Futures Trading Commission database since 2006. Sentiment and futures positions are about as bearish as they get in platinum.
It's the opposite scenario for close cousin palladium.
Platinum remains the precious metals dud. It's still under relative pressure from diesel-emission control scandals, yet may be among the best positioned to recover. Through June 20, platinum is up 2% year-to-date vs. gains for gold (8.3%), silver (3.4%) and palladium (28.5%).
Source: Bloomberg Pro Terminal
Trader Velizar Mitov
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.