Silver Speculators Cut Back On Bullish Bets For 1st Time In 4 Weeks
Zachary Storella | Jan 20, 2018 09:54PM ET
Silver Non-Commercial Speculator Positions:
Large metals speculators slightly reduced 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 37,212 contracts in the data reported through Tuesday January 16th. This was a weekly decline of just -823 contracts from the previous week which had a total of 38,035 net contracts.
Speculative positions had risen for three straight weeks to a six week high before this week’s small decline. The net position remains above the +30,000 net contract level for a second week.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -50,143 contracts on the week. This was a weekly decline of -201 contracts from the total net of -49,942 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 $16.25 which was a rise of $0.22 from the previous close of $16.03, according to unofficial market data.
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