Silver Speculators Sharply Reduced Their Bearish Bets This Week
Zachary Storella | Apr 22, 2018 02:05AM ET
Silver Non-Commercial Speculator Positions:
Large precious metals speculators sharply cut back on 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 -87 contracts in the data reported through Tuesday April 17th. This was a weekly boost of 14,746 contracts from the previous week which had a total of -14,833 net contracts.
This week’s gain marks the largest one-week rise in bullish bets since January 9th when net positions rose by +15,285 contracts.
The speculative level is now at the smallest short position since turning over into an overall short level on March 20th although the silver spec position remains in a bearish position for the fifth straight week.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -16,955 contracts on the week. This was a weekly shortfall of -12,377 contracts from the total net of -4,578 contracts reported the previous week.
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