The latest Commitments of Traders report was released, covering positions through Tuesday
The 3-Year Min/Max Screen shows that "smart money" commercial hedgers established only one new multi-year extreme this week, further reducing their short exposure to platinum. This is the 2nd-lowest amount of hedges against the metal since 2004, next to the late summer of 2018. Platinum has responded fairly well to these extremes, suggesting limited downside over a multi-month time frame. Despite the volatility in many asset classes, hedgers' position changes were relatively mild, mostly showing modest reversals of their recent trends and not giving any clear indications.
