June 15th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators raised their 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 2,660 contracts in the data reported through Tuesday June 11th. This was a weekly increase of 11,103 net contracts from the previous week which had a total of -8,443 net contracts.
The week’s net position was the result of the gross bullish position (longs) increasing by 8,572 contracts (to a weekly total of 85,225 contracts) while the gross bearish position (shorts) declined by -2,531 contracts for the week (to a total of 82,565 contracts).
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The speculator trend reversed a little this week and saw positions improve for a second straight week after seeing rising bearish positions in the previous four weeks. The silver spec level has risen by 25,069 contracts over the past two weeks and this week’s cross back into a small positive position is the first bullish standing in six weeks.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -25,191 contracts on the week. This was a weekly drop of -12,902 contracts from the total net of -12,289 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1474.00 which was a fall of $-2.90 from the previous close of $1476.90, 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).
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