May 4th -By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators lifted their net positions in the Silver futures markets this week into a small bullish position after declining in the previous four weeks, 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 2,136 contracts in the data reported through Tuesday April 30th. This was a weekly rise of 2,246 net contracts from the previous week which had a total of -110 net contracts.
The week’s net position was the result of the gross bullish position (longs) advancing by 1,231 contracts to a weekly total of 77,120 contracts in addition to the gross bearish position (shorts) which declined by -1,015 contracts for the week to a total of 74,984 contracts.
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The net speculative position had fallen for four straight weeks and in seven out of the previous eight weeks before this week’s slight rebound. Silver bets are now back into a small bullish level after dipping into bearish territory last week for the first time in twenty weeks.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -21,360 contracts on the week. This was a weekly shortfall of -1,368 contracts from the total net of -19,992 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1498.40 which was an uptick of $19.30 from the previous close of $1479.10, 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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