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TDS covers short position in Palladium with profit

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NEW YORK (Scrap Register): TD Securities has reported taking profits on a short, or bearish, position in palladium.

The bank said it covered a short in the June palladium contract at $1,363 for a 5% profit.

“While we still believe that palladium prices could continue to correct as traders acknowledge the sharp deterioration in the metal's demand outlook following the bubblicious rally, the velocity of the decline in prices suggests that some caution may be warranted,” TDS added.

“In other words, it's time to take our money and run for the exit, particularly should the precious-metals complex continue to rally on poor U.S. data and given the PMI beats over the weekend,” TDS noted.

June palladium fell as far as $1,303.30 an ounce on Thursday after peaking at $1,576.90 a week before. However, the contract was $23.90 higher on Monday to $1,365.70 an ounce.

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