February 23rd – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators continued to advance their bullish net positions in the Silver futures markets, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
This latest COT data is from early February due to the government shutdown which suspended the releases for approximately a month. The CFTC is releasing data on Tuesdays and Fridays going forward until the data is back up to date.
The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 57,095 contracts in the data reported through Tuesday February 5th. This was a weekly rise of 2,812 net contracts from the previous week which had a total of 54,283 net contracts.
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The week’s net position was the result of the gross bullish position (longs) advancing by 3,794 contracts to a weekly total of 89,868 contracts compared to the gross bearish position (shorts) which saw a gain by 982 contracts for the week to a total of 32,773 contracts.
The speculative net position rose for a second straight week through February 5th and for the eighth time in the previous ten weeks. The silver standing rose to the highest level since November 28th of 2017 which is a span of sixty-three weeks.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -78,204 contracts on the week. This was a weekly decline of -5,742 contracts from the total net of -72,462 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1583.60 which was a shortfall of $-0.30 from the previous close of $1583.90, 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