November 26th, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators raised their bearish net positions in the Silver futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the Thanksgiving day holiday.
The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of -10,728 contracts in the data reported through Tuesday November 20th. This was a weekly increase of 6,417 net contracts from the previous week which had a total of -17,145 net contracts.
The week’s net position was the result of the gross bullish position sinking by -2,972 contracts to a weekly total of 71,646 contracts compared to the gross bearish position total of 82,374 contracts which saw a lowering by -9,389 contracts for the week.
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The speculative silver bearish position fell for the second time in three weeks and for the fourth time in six weeks. The current standing remains in a bearish position for the fifteenth straight week and continues to be above the -10,000 net contract level for a second week.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -6,894 contracts on the week. This was a weekly fall of -1,947 contracts from the total net of -4,947 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1426.90 which was a rise of $29.20 from the previous close of $1397.70, according to unofficial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
Article By CountingPips.com – Receive our weekly COT Reports by Email