Silver Speculators Cut Their Bullish Net Positions To Lowest In 7 Weeks
Zachary Storella | Feb 18, 2018 04:25AM ET
Silver Non-Commercial Speculator Positions:
Large precious metals speculators lowered 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 8,711 contracts in the data reported through Tuesday February 13th. This was a weekly reduction of -7,829 contracts from the previous week which had a total of 16,540 net contracts.
The speculative position declined for a second straight week and for fourth time out of the past five weeks. The overall level is now below the +10,000 net contract level for the first time in seven weeks.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -21,948 contracts on the week. This was a weekly advance of 8,693 contracts from the total net of -30,641 contracts reported the previous week.
iShares Silver (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 $15.62 which was a drop of $-0.03 from the previous close of $15.65, according to unofficial market data.
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