June 22nd – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators raised 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 14,516 contracts in the data reported through Tuesday June 18th. This was a weekly gain of 11,856 net contracts from the previous week which had a total of 2,660 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 8,050 contracts (to a weekly total of 93,275 contracts) while the gross bearish position (shorts) dropped by -3,806 contracts for the week (to a total of 78,759 contracts).
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This week marked the third straight week of gaining bullish positions and has pulled the overall net position level from -8,443 contracts on June 4th to a bullish level of 14,516 contracts this week.
Previously, the large speculator position had deteriorated from a strong bullish level in February (a peak of +58,313 contracts on Feb. 26th). Bullish bets declined throughout April and dropped into an overall short position on May 7th. The sentiment continued lower throughout May and culminated at a low of -22,409 contracts on May 28th.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -34,487 contracts on the week. This was a weekly drop of -9,296 contracts from the total net of -25,191 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1499.30 which was a rise of $25.30 from the previous close of $1474.00, 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