Silver Speculators Boosted Bets This Week Into Small Bullish Level
Zachary Storella | Jun 16, 2019 03:24AM ET
Silver Non-Commercial Speculator Positions:
Large precious metals speculators raised their 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 2,660 contracts in the data reported through Tuesday, June 11th. This was a weekly increase of 11,103 net contracts from the previous week which had a total of -8,443 net contracts.
The week’s net position was the result of the gross bullish position (longs) increasing by 8,572 contracts (to a weekly total of 85,225 contracts) while the gross bearish position (shorts) declined by -2,531 contracts for the week (to a total of 82,565 contracts).
The speculator trend reversed a little this week and saw positions improve for a second straight week after seeing rising bearish positions in the previous four weeks. The silver spec level has risen by 25,069 contracts over the past two weeks and this week’s cross back into a small positive position is the first bullish standing in six weeks.
Silver Commercial Positions:
The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -25,191 contracts on the week. This was a weekly drop of -12,902 contracts from the total net of -12,289 contracts reported the previous week.
Silver Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1474.00 which was a fall of $-2.90 from the previous close of $1476.90, according to unofficial market data.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.