Silver Speculators Cut Back On Net Bullish Positions For 1st Time
Zachary Storella | Jun 18, 2017 04:36AM ET
Silver Non-Commercial Speculator Positions:
Large speculators reduced their net bullish positions in the Silver futures markets this week following three weeks of gains, 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 60,658 contracts in the data reported through Tuesday June 13th. This was a weekly lowering of -5,283 contracts from the previous week which had a total of 65,941 net contracts.
Silver speculative positions, despite the weekly decline, remain over the +60,000 contract level for a third week.
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 -71,913 contracts on the week. This was a weekly increase of 3,711 contracts from the total net of -75,624 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 $15.95 which was a shortfall of $-0.81 from the previous close of $16.76, according to unofficial market data.
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