Silver Speculators Boosted Bullish Bets To 6-Month High
Zachary Storella | Feb 03, 2019 11:31PM ET
Silver Non-Commercial Speculator Positions:
Large precious metals speculators raised their bullish net positions in the Silver futures markets in late December, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
This latest COT data is from late in December due to the government shutdown which halted the releases. The CFTC will be releasing data on Tuesdays and Fridays going forward until the data is back up to date.
The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 25,550 contracts in the data reported through Tuesday December 24th. This was a weekly boost of 5,719 net contracts from the previous week which had a total of 19,831 net contracts.
The week’s net position was the result of the gross bullish position (longs) increasing by 3,291 contracts to a weekly total of 77,314 contracts compared to the gross bearish position (shorts) which saw a drop by -2,428 contracts for the week to a total of 51,764 contracts.
The silver net position, in this delayed data, shows that speculators pushed up their bets to the highest level since June and for four straight weeks through December 24th.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -39,869 contracts on the week. This was a weekly fall of -4,393 contracts from the total net of -35,476 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 $1482.00 which was a rise of $11.90 from the previous close of $1470.10, 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.