Silver Speculators Cut Bearish Bets To A Small Short Position This Week
Zachary Storella | May 13, 2018 01:23AM ET
Silver Futures Non-Commercial Speculator Positions:
Large metals speculators decreased 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 -121 contracts in the data reported through Tuesday May 8th. This was a weekly gain of 7,075 contracts from the previous week which had a total of -7,196 net contracts.
Speculative positions are virtually in a neutral position with just a tiny short position of -121 contracts. This week’s rebound follows a sharp drop last week by -19,163 contracts and the overall position remains in a short position 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 -17,077 contracts on the week. This was a weekly decrease of -5,099 contracts from the total net of -11,978 contracts reported the previous week.
iShares Silver ETF (NYSE:SLV):
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SLV ishares ETF, which tracks the price of silver, closed at approximately $15.51 which was an increase of $0.27 from the previous close of $15.24, according to unofficial market data.
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