Silver Speculator Bullish Positions Rose Again Last Week
Zachary Storella | Jun 04, 2017 04:35AM ET
Silver Non-Commercial Positions:
Large speculators and traders sharply increased their bullish net positions in the silver futures markets for a second consecutive week this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Comex silver futures, traded by large speculators and hedge funds, totaled a net position of 61,414 contracts in the data reported through May 30th. This was a weekly gain of 10,241 contracts from the previous week which had a total of 51,173 net contracts.
Silver positions have now rebounded strongly in the past two weeks with a combined increase of over +18,000 contracts. This precious metal had declined over the previous five weeks and by a total of over -60,000 contracts.
Silver Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -71,082 contracts this week. This is a weekly decline of -7,095 contracts from the total net of -63,987 contracts reported the previous week.
Silver ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SLV ishares ETF, which tracks the price of silver, closed at approximately $16.47 which was a rise of $0.32 from the previous close of $16.15, according to ETF financial market data.
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