Fed becoming more dovish helped strengthen bullish precious metals sentiment - TDS
|Research Team at TDS, lists down the CFTC commitment of traders report for the week ending June 24th, 2016.
Key Quotes
“Silver specs sharply added to long positions, a week delayed from the gold specs move, and took bullish bets to new record highs just ahead of the British referendum. While a Leave vote may not have entirely been foreseen, the fact that the US Fed was becoming more dovish certainly helped strengthen bullish precious metals sentiment.
Copper specs began to exit from both sides of the market, but materially more so from their short positions. After taking positions on the Comex further into record short territory as Chinese inventories built up, but seeing little in terms of the downside symmetry in prices, it was inevitable that a short-covering rally (albeit short-lived on the latest Brexit result) would spook copper bearishness the most.”
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