April 27th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators continued to reduce their net positions in the Silver futures markets this week into a small bearish standing, 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 -110 contracts in the data reported through Tuesday April 23rd. This was a weekly decrease of -5,995 net contracts from the previous week which had a total of 5,885 net contracts.
The week’s net position was the result of the gross bullish position (longs) declining by -144 contracts to a weekly total of 75,889 contracts while the gross bearish position (shorts) increased by 5,851 contracts on the week to a total standing of 75,999 contracts.
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The net speculative position fell for a fourth straight week and for the seventh time out of the past eight weeks. The silver spec standing has now dipped over into bearish territory for the first time since December 4th of 2018 when it ended a streak of seventeen consecutive weeks of bearish positions.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -19,992 contracts on the week. This was a weekly gain of 3,680 contracts from the total net of -23,672 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1479.10 which was a fall of $-12.40 from the previous close of $1491.50, 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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