Silver Speculators Sharply Lowered Bullish Net Positions This Week
Zachary Storella | Feb 11, 2018 02:55AM ET
Silver Non-Commercial Speculator Positions:
Large speculators sharply 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 16,540 contracts in the data reported through Tuesday February 6th. This was a weekly lowering of -15,882 contracts from the previous week which had a total of 32,422 net contracts.
The weekly decline marks the third fall out of the past four weeks and brings the overall level to the lowest point in six weeks.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -30,641 contracts on the week. This was a weekly increase of 16,650 contracts from the total net of -47,291 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 $15.65 which was a fall of $-0.5 from the previous close of $16.15, according to unofficial market data.
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