Silver Speculators Strongly Boosted Their Bullish Net Positions This Week
Zachary Storella | Jan 14, 2018 01:39AM ET
Silver Non-Commercial Speculator Positions:
Large metals speculators sharply lifted 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 38,035 contracts in the data reported through Tuesday January 9th. This was a weekly rise of 15,285 contracts from the previous week which had a total of 22,750 net contracts.
Speculative positions have now risen for three straight weeks and each of the last two weeks have seen contracts increase by over +15,000 net contracts. The silver speculative level is at is highest place since November 28th when net positions totaled +58,782 net contracts.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -49,942 contracts on the week. This was a weekly fall of -12,750 contracts from the total net of -37,192 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 $16.03 which was a decline of $-0.18 from the previous close of $16.21, according to unofficial market data.
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