November 17, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators increased 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 -17,145 contracts in the data reported through Tuesday November 13th. This was a weekly lowering of -14,675 net contracts from the previous week which had a total of -2,470 net contracts.
This week’s net position was the result of the gross bullish position gaining by 1,501 contracts to a weekly total of 74,618 contracts while the gross bearish position total of 91,763 contracts which saw a rise by 16,176 contracts for the week.
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The silver net speculative bearish position had seen declining bearish levels in three out of the previous four weeks before this week’s turnaround. The current standing is now at the highest bearish level since October 9th and overall, silver bets have continued to remain in a bearish position for fourteen straight weeks through Tuesday.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -4,947 contracts on the week. This was a weekly boost of 14,344 contracts from the total net of -19,291 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1397.70 which was a drop of $-52.30 from the previous close of $1450.00, 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).
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