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Further significant outflows from platinum ETFs
In platinum's situation, where net long positions even find themselves at a nine-month high of 22,300 contracts. As with palladium, platinum has also seen increasing outflows from its ETFs in the meantime.
Alongside renewed outflows from platinum and palladium ETFs, holdings were reduced by a further 31,600 ounces yesterday, this was likely due also to profit-taking given that net long positions had risen to 13,500 contracts in the week to 27 October, their highest level since the beginning of July.
"If not only these "strong" hands but also the "weak" hands (speculators) were to withdraw, this would doubtless weigh on the platinum price", says Commerzbank.