Silver Speculators Cut Back On Their Bearish Bets Again This Week
Zachary Storella | Oct 21, 2018 02:24AM ET
Silver Non-Commercial Speculator Positions:
Large precious metals speculators reduced their bearish 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 -14,827 contracts in the data reported through Tuesday October 16th. This was a weekly advance of 7,423 contracts from the previous week which had a total of -22,250 net contracts.
The silver bearish position has now declined for the fifth time out of the past six weeks. The current standing (-14,827 contracts) has now fallen below the -20,000 contract level after having been above that level for five out of the previous six weeks.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -4,824 contracts on the week. This was a weekly fall of -8,379 contracts from the total net of 3,555 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 $1470.10 which was a gain of $30.10 from the previous close of $1440.00, according to unofficial market data.
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