Silver Speculators Decreased Their Bullish Net Positions This Week
Zachary Storella | Mar 18, 2018 03:35AM ET
Silver Non-Commercial Speculator Positions:
Large metals speculators trimmed 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 2,947 contracts in the data reported through Tuesday March 13th. This was a weekly fall of -3,239 contracts from the previous week which had a total of 6,186 net contracts.
Speculative positions have fallen five out of the past six weeks and dropped into a small bearish level on February 27th that marked the first bearish position in roughly fifteen years.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -19,273 contracts on the week. This was a weekly uptick of 2,537 contracts from the total net of -21,810 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 $15.61 which was a decrease of $-0.17 from the previous close of $15.78, according to unofficial market data.
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