Meanwhile, the net length of these accounts also fell for palladium, but rose for silver, copper and platinum.
FORBES: CFTC Data: Funds Pare Net Length in Gold On Long Liquidation
Speculators take the hot new money and bid for gold, copper, platinum.
The rise outpaces 0.3% gains in gold and copper, and platinum was higher earlier in the day even when gold and copper were in negative territory.
FORBES: Platinum Outperforming Other Metals, Lifted By South African Supply Concerns
Meanwhile, industrial metals copper and the platinum group metals fared better in the eyes of speculators, with funds turning bullish on copper as they flipped from being net short to net long.
FORBES: Funds Shed Gold Positions, Bolster PGM Futures, Options - CFTC
The net length of large speculators also fell for silver, platinum and copper.
FORBES: FOCUS: CFTC: Large Specs Slash Gold Net-Long Position Again; Short-Covering Potential Seen
Metals prices were mostly up slightly during the week-long reporting window to Oct. 30, with only platinum and copper down.
FORBES: FOCUS: Speculators Continue To Cut Metals Positions Across The Board -- CFTC
Metals prices ended mixed during the reporting window of Oct.9, with gold, silver and copper prices down and platinum group metals higher.
FORBES: Funds' Bullish Positions In U.S. Precious Metals Futures, Options Continue To Grow -- CFTC
That would be supportive for industrial metals like silver, the platinum group metals and copper.
FORBES: METALS OUTLOOK: Weaker Outlook For Gold Prices Likely
The losses in the platinum group metals and copper inspired exiting of long positions, as seen in the data.
FORBES: Speculators Increase Bullish Gold, Silver Positions, Cut PGMs -- CFTC Data
As of late morning in New York, all four of the precious metals and all six of the base metals were sharply lower, with losses around 1.5% or more for silver, platinum, palladium, copper, nickel and tin.
FORBES: Focus: Metals Slump On Year-End Liquidation, Scaled-Back Fed Expectations After GDP
Because of their industrial use, platinum tends to trade more like copper, based on industrial demand, than as a precious metal.
Meanwhile, those same worries have led to ideas that demand could suffer for industrial commodities, which includes platinum along with the likes of copper and crude oil.
FORBES: Gold Prices Poke Above Platinum On Global Macroeconomic Concerns
Other precious metals, and industrial metals for that matter, have not escaped the recent downward pressure on commodity prices as platinum, palladium, aluminum and copper also posted losses on April 15.
Activity for platinum was divided in the two reports, while copper saw speculators hike short positions.
FORBES: FOCUS: Speculative Buyers Mostly Return To Precious Metals -CFTC
Speculative positions in the platinum group metals fell somewhat, while action in copper was mixed.
FORBES: Speculators Slash Gold, Silver Futures, Options Positions -- CFTC
Platinum and palladium, as well as other industrial metals such copper and aluminium, are well down from their highs earlier in the year as markets factored in softer global economic conditions, in turn weighing on future demand expectations.
FORBES: PGMs Hit Multi-Month Highs On Fears S. African Labor-Related Supply Issues May Spread
His publicly-traded company, African Rainbow Minerals (ARM) has interests in platinum, nickel, chrome, iron, manganese, coal, copper and gold.
FORBES: South African Billionaire Patrice Motsepe Joins Giving Pledge
Patrice Motsepe is the Chairman of African Rainbow Minerals (ARM), a publicly-traded mining conglomerate which has interests in platinum, nickel, chrome, iron, manganese, coal, copper and gold.
Reductions in net-long positions were seen in silver and the platinum group metals, while speculators massively increased their net-short position in copper.
FORBES: FOCUS: Speculators Pick Up Gold, Shed Other Precious Metals In CFTC Data
As for individual stocks, there are very few pure platinum plays, as the ore it is mined from also contains nickel and copper.
Speculative positions in the platinum group metals eased lower, while speculators increased their net-short position in copper.
FORBES: FOCUS: Speculators Exit Bullish Precious Metals Futures, Options Positions -- CFTC
For the week ended March 26, large speculators added to their already-sizable net-short position in copper in both the disaggregated and legacy versions of the two reports, while the activity was mixed for the platinum group metals.
FORBES: FOCUS: Speculators Cut Bullish Gold, Silver Positions -- CFTC
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