Platinum Futures Index (PLATINUM)

[Pro-Life]

Platinum Appears To Have Stabilized Above $1,400/Oz – Commerzbank

20 December 2011, 8:40 a.m.
By Kitco News
http://www.kitco.com/

http://www.kitco.com/reports/KitcoNewsMarketNuggets20111220.html

(Kitco News) - Platinum appears to have stabilized above the $1,400 an ounce level for now, says Commerzbank. Weakness for the metal mainly came from selling by speculative financial investors, according to market positioning statistics, the bank says. They note that money managers in the CFTC data cut their net long positions in the week to Dec. 13 for the fourth week running and short positions reached their highest level since the start of this data series. Sister-metal palladium saw a similar story: net long positions are at their second-lowest level ever, they say. “The difference between palladium and platinum is that both long and short positions in palladium were reduced. What is more, we are still seeing strong selling of palladium ETFs, holdings of palladium ETFs tracked by Bloomberg having now plummeted to their lowest level since March 2010,” Commerzbank says.

By Debbie Carlson of Kitco News; [e-mail]