Silver Speculators Added To Bullish Net Positions For 1st Time In 5 Weeks
Zachary Storella | Oct 22, 2017 04:02AM ET
Silver Non-Commercial Speculator Positions:
Large metals speculators increased their bullish net positions in the Silver futures markets 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 Silver futures, traded by large speculators and hedge funds, totaled a net position of 63,915 contracts in the data reported through Tuesday October 17th. This was a weekly increase of 4,807 contracts from the previous week which had a total of 59,108 net contracts.
Silver speculative positions had fallen for the previous four weeks before this week’s turnaround. The silver position remains in a strong bullish standing at the highest level since September 19th.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -74,913 contracts on the week. This was a weekly decline of -4,305 contracts from the total net of -70,608 contracts reported the previous week.
iShares Silver (NYSE:SLV) 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 $16.09 which was a drop of $-0.06 from the previous close of $16.15, according to unofficial market data.
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