March 30th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators increased 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 26,189 contracts in the data reported through Tuesday March 26th. This was a weekly increase of 2,879 net contracts from the previous week which had a total of 23,310 net contracts.
The week’s net position was the result of the gross bullish position (longs) increasing by 857 contracts to a weekly total of 76,053 contracts that combined with the gross bearish position (shorts) which saw a lowering by -2,022 contracts for the week to a total of 49,864 contracts.
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Silver speculator bets rebounded this week after falling in the previous three weeks and for five out of the previous six weeks.
Despite the recent declines, the current spec standing remains in bullish territory for a sixteenth straight week and the bullish position has been above the +20,000 net contract level for the past fourteen weeks.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -48,494 contracts on the week. This was a weekly drop of -4,794 contracts from the total net of -43,700 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1542.90 which was a boost of $5.70 from the previous close of $1537.20, 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