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25 Apr 2016
Silver more favoured than gold, crude longs lifted - TDS
Research Team at TDS, lists down the CFTC commitment of traders report for the week ending April 22nd, 2016.
Key Quotes
“Speculative investors strapped on aggressive new silver long positions and covered short exposure to lift net longs by a large 2.1% of open interest. Silver started to become more favoured with the metal playing catchup to gold, as the precious metals environment improved with the Fed's relative dovish tilt, and materially higher silver coin and ETF demand.
WTI crude oil investors lifted their net long exposure by a hefty 2.1% of open interest, as they aggressively covered their short positions in the belief that oil has already seen the lows. At the same, the continued narrative that the supply-demand fundamentals are set to improve amid US production declines and repeated OPEC attempts to freeze production generated interest to grow long exposure.
Improving China economic news, weak exports from key producers to consuming nations convinced specs to grow their net long palladium positioning by a large 4.1%. Many investors now believe that the positive precious metal environment will prevent above ground inventories from filling the gap in the primary deficit, which should tighten markets and lift prices higher.”
Key Quotes
“Speculative investors strapped on aggressive new silver long positions and covered short exposure to lift net longs by a large 2.1% of open interest. Silver started to become more favoured with the metal playing catchup to gold, as the precious metals environment improved with the Fed's relative dovish tilt, and materially higher silver coin and ETF demand.
WTI crude oil investors lifted their net long exposure by a hefty 2.1% of open interest, as they aggressively covered their short positions in the belief that oil has already seen the lows. At the same, the continued narrative that the supply-demand fundamentals are set to improve amid US production declines and repeated OPEC attempts to freeze production generated interest to grow long exposure.
Improving China economic news, weak exports from key producers to consuming nations convinced specs to grow their net long palladium positioning by a large 4.1%. Many investors now believe that the positive precious metal environment will prevent above ground inventories from filling the gap in the primary deficit, which should tighten markets and lift prices higher.”