Silver Speculators Continued To Raise Bullish Net Positions For 3rd Week
Zachary Storella | Jun 11, 2017 05:08AM ET
Silver Non-Commercial Positions:
Large speculators increased their bullish net positions for a third straight week in the silver futures markets last 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 65,941 contracts in the data reported through June 6th. This was a weekly rise of 4,527 contracts from the previous week which had a total of 61,414 net contracts.
Speculator positions, having risen by over 22,937 contract in the past three weeks, are now at the highest net position since May 2nd when net positions totaled +71,367 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 -75,624 contracts last week. This is a weekly decline of -4,542 contracts from the total net of -71,082 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 $16.76 which was an increase of $0.29 from the previous close of $16.47, according to ETF financial market data.
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