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Gold net longs rise for third week. Silver and copper net longs up too.

COMEX gold net longs have risen to highest levels for almost a month. Silver and copper longs rise as well

Posted: Saturday , 11 Jun 2011

NEW YORK (Reuters) - 

Money managers raised their bullish bets in COMEX gold futures and options for a third consecutive week as prices rose steadily after a w data showed Friday.

 Speculators in silver and copper futures and options also increased their net long positions in the week ended June 7 as metals prices stabilized after the two-week rout in early May, according to the latest report from the U.S. regulator.

 Speculators in COMEX gold held a net long position 216,220 lots for the week, adding nearly 10,000 lots, data from the CFTC showed. It was the largest net long position held by the group in nearly a month.

 In the week up to June 7, the price of spot gold was up less than 1 percent. The metal is up 5 percent in the past five weeks on a string of bleak U.S. economic data including a weak jobs report last week.

 Speculators also increased their net length in silver futures and options by 808 contracts to 17,296 lots during the week, even as silver prices were down around 3 percent.

 In the first week of May, silver prices were down as much as 30 percent from a record high near $50.

 Managed money also added length to copper by 758 contracts to 8,062 contracts.

 (Reporting by Frank Tang; Editing by Marguerita Choy)

© Thomson Reuters 2011 All rights reserved

 

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10 May 2013


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