Silver Speculators Pulled Back On Their Bearish Bets For 2nd Week
Zachary Storella | Sep 23, 2018 02:10AM ET
Silver Non-Commercial Speculator Positions:
Large precious 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 -25,516 contracts in the data reported through Tuesday September 18th. This was a weekly increase of 1,887 contracts from the previous week which had a total of -27,403 net contracts.
The silver speculative position has now had declining bearish bets for two weeks following four straight weeks of increasing bearishness. Overall, the current standing is above the -25,000 contract level for a third consecutive week.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 8,834 contracts on the week. This was a weekly decrease of -3,540 contracts from the total net of 12,374 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 $1418.50 which was a gain of $3.20 from the previous close of $1415.30, according to unofficial market data.
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