April 6th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators cut back on 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 16,783 contracts in the data reported through Tuesday April 2nd. This was a weekly lowering of -9,894 net contracts from the previous week which had a total of 26,677 net contracts.
The week’s net position was the result of the gross bullish position (longs) going up by 2,452 contracts to a weekly total of 78,993 contracts but were overcome by the gross bearish position (shorts) which saw a boost by 12,346 contracts for the week to a total of 62,210 contracts.
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The net speculator position has continued to see weak sentiment among specs as bets have now declined in four out of the past five weeks. The current standing of net positions has fallen to the lowest level of the past sixteen weeks after reaching as high as +58,313 net contracts in late February.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -34,358 contracts on the week. This was a weekly advance of 12,358 contracts from the total net of -46,716 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1506.10 which was a fall of $-36.80 from the previous close of $1542.90, 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