To:John Barendrecht who wrote (124) From: John Barendrecht Monday, Jun 23, 1997 12:18 PM Respond to of 79911
NY precious metals higher early, after early slip NEW YORK, June 23 (Reuter) - COMEX and NYMEX precious metals futures were higher early Monday, with gold and silver recovering from Friday's weakness and platinum group metals (PGMs) edging higher in the continued absence of Russian metal supplies.
``There hasn't been much follow through on last week's slide in gold, despite a rise in COMEX open interest, with some research suggesting it may be another false break and that the $335-340 level will again hold,'' North American Equity Services floor trader, John Geraghty said.
COMEX August gold was up 30 cents at $339.70 an ounce after the first hour of trade, after seeing a new contract low at $338.50 early.
In the bullion market, spot gold was quoted $337.95/45, after gold fixed in London Monday morning at $336.95, the lowest fix since February 12 this year when gold fixed at a four year low of $336.90. In New York Friday spot gold closed quoted $337.40/90, its lowest weekly close since April 1993.
The CFTC Commitments of Traders data, released late Friday, showed funds net short position little changed at 36,579 contracts as of June 17, but after that date there was a large jump of more than 10,000 lots in COMEX gold open interest last week, which analysts said could have resulted from funds adding short positions.
COMEX July silver was up 4.8 cents at $4.760 after the first hour of trade Monday.
The CFTC data Friday showed funds remained net neutral in COMEX silver as of June 17.
NYMEX July platinum was up $3.30 at $418.50 an ounce early, while NYMEX September palladium was $4.15 higher at $177.00 an ounce.
In the physical market, the acute shortage of metal is keeping short term PGM lease rates high, with one month palladium around 130 pct still Monday morning and one month platinum around 75 pct, refining sources said.
Russian PGM exports, suspended for five months, are due to resume in late June. Russia supplies about 60 pct of the world's palladium and 25 pct of its platinum.
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