Silver Speculators Reduced Net Bullish Positions For 3rd Week
Zachary Storella | Mar 26, 2017 04:11AM ET
Silver Non-Commercial Positions:
Large speculators and traders decreased their bullish net positions in the silver futures markets last week for the third consecutive 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 Comex silver futures, traded by large speculators and hedge funds, totaled a net position of 79,112 contracts in the data reported through March 21st. This was a weekly decline of -3,766 contracts from the previous week which had a total of 82,878 net contracts.
Silver speculative positions have fallen under the +80,000 contract level for the first time in the last six weeks after three weeks of decline.
Silver Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -93,734 contracts last week. This is a weekly change of 4,265 contracts from the total net of -97,999 contracts reported the previous week.
Silver ETF (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 $16.61 which was an increase of $0.62 from the previous close of $15.99, according to ETF financial market data.
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