Silver Speculators Cut Back On Bullish Net Positions
Zachary Storella | Nov 05, 2017 02:34AM ET
Silver Non-Commercial Speculator Positions:
Large metals speculators lowered 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 60,152 contracts in the data reported through Tuesday October 31st. This was a weekly decline of -4,968 contracts from the previous week which had a total of 65,120 net contracts.
The speculative weekly decline follows two weeks of gains while the overall net position level remains in a strong bullish standing above the +60,000 contract level for a third straight week.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -71,028 contracts on the week. This was a weekly advance of 5,477 contracts from the total net of -76,505 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 $15.79 which was a decline of $-0.23 from the previous close of $16.02, according to unofficial market data.
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