Silver Speculators Dropped Their Bullish Net Positions For 2nd Week
Zachary Storella | Dec 03, 2017 02:38AM ET
Silver Non-Commercial Speculator Positions:
Large speculators cut back on their 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 58,782 contracts in the data reported through Tuesday November 28th. This was a weekly reduction of -8,859 contracts from the previous week which had a total of 67,641 net contracts.
The speculative bullish positions fell for a second week and dipped under the +60,000 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 -73,075 contracts on the week. This was a weekly advance of 7,361 contracts from the total net of -80,436 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 $15.91 which was a fall of $-0.10 from the previous close of $16.01, according to unofficial market data.
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