Silver Speculators Sharply Decreased Bullish Positions Down For 2nd Week
Zachary Storella | Jun 25, 2017 03:52AM 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 46,681 contracts in the data reported through Tuesday June 20th. This was a weekly lowering of -13,977 contracts from the previous week which had a total of 60,658 net contracts.
Silver speculative positions have now fallen for two straight weeks and to the lowest level in five weeks.
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 -58,834 contracts on the week. This was a weekly increase of 13,079 contracts from the total net of -71,913 contracts reported the previous week.
SLV ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the iShares Silver (NYSE:SLV), which tracks the price of silver, closed at approximately $15.59 which was a decrease of $-0.36 from the previous close of $15.95, according to unofficial market data.
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