Silver Speculators Raise Their Bullish Bets For 3rd Week
Zachary Storella | Sep 06, 2020 03:39AM ET
Large precious metals speculators increased 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 33,472 contracts in the data reported through Tuesday, September 1st. This was a weekly gain of 2,135 net contracts from the previous week which had a total of 31,337 net contracts.
The week’s net position was the result of the gross bullish position (longs) increasing by 2,035 contracts (to a weekly total of 76,346 contracts) while the gross bearish position (shorts) fell by -100 contracts for the week (to a total of 42,874 contracts).
The Silver speculators boosted their bullish bets higher for a third straight week and for the seventh time in the past nine weeks. The current standing for spec positions has risen to a six-week high and has now been in bullish territory dating back to June of 2019, a span of 65 weeks. The bullish Silver bets have coincided with a rising price of Silver that has surged since a low in March around $12 to currently trading above the $26 level.
h3 Silver Commercial Positions:/h3The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -51,784 contracts on the week. This was a weekly shortfall of -4,002 contracts from the total net of -47,782 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $28.48 which was an uptick of $2.21 from the previous close of $26.27, according to unofficial market data.
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